Cree is selling Building 21 at the end of its Silicon Drive campus in Durham as part of its $850 million cash sale of its Wolfspeed Power and RF division to Infineon Technologies, the company disclosed at a press conference Thursday morning.

The 258,000-square-foot building is part of the silicon carbide business Cree is selling to Infineon and some additional Cree employees will transfer there.

Current Wolfspeed CEO Frank Plastina said he has committed to staying with Wolfspeed for at least a year after the deal closes, although with a title and specific responsibilities beyond aiding the transition and integration yet to be decided. Plastina said he expects all 550 current Wolfspeed employees will be offered positions with the new company.

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“We don’t expect layoffs,” Pastina said, noting that Wolfspeed had not yet created the kind of infrastructure that usually leads to layoffs due to duplication in merger and acquisition deals. He added that the previously announced plans for a Wolfspeed IPO was intended to provide the cash needed to create infrastructure such as sales and marketing. The deal with Infineon provides the advantages the IPO would have and more, he said.

He said one of the primary outcomes of the deal is that Wolfspeed will be a much more recognized and larger part of the Triangle going forward.While both Infineon and Wolfspeed brands have market awareness, decision has not been made on whether or not to keep the Wolfspeed brand.

Infineon Technologies CEO Dr. Richard Ploss added that “We expect to continue making a significant investment in North Carolina. Increasing its business would eventually result in more jobs, though probably not immediately.

“More customers will drive revenue,” which will lead to hiring more people he said, “but we have to execute our business plans first.”

Ploss emphasized that the deal is about growth for all concerned, Cree, Infineon, and the Triangle. The integrated Wolfspeed will make Infineon the market leader in Silicon-Carbide power conductors, but wants to become number one in RF as well. It is currently third with slightly more than a 15 percent share.

He said the deal will accelerate development and marketing of innovative Wolfspeed technologies for efficient energy, next generation smartphones and the Internet of Things.

Cree CEO Chuck Swoboda said the deal represents the culmination of 30 years of Cree research and will result in devices based on that research “in cars, in phones, and every where.”