Cree (Nasdaq: CREE) is expanding the work force and facilities it recently acquired in a $525 million deal for Rudd Lighting.
The company is investing $24.5 million in a 208,000 square foot expansion of the Ruud manufacturing facility in Racine, Wis. Cree expects to add 469 fulltime jobs over the next four years.
The expansion will include manufacturing lines and additional storage.
State and local governments are providing Cree with some $8 million in tax incentives for the project.
“Cree’s recent acquisition of Ruud Lighting and its BetaLED products brought together two leading LED lighting companies under one roof,” said Chuck Swoboda, chairman and CEO of Cree, in a statement. “Last month this facility shipped its 500,000th LED luminaire – further evidence of the market demand for the latest LED technology and a need to expand our facilities to maintain our leadership of the LED lighting revolution.”
Cree, which is based in Durham, bought Ruud in August.
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