State News

Cree gets green-jobs tax credit

Posted January 8, 2010 4:59 p.m. EST
Updated January 9, 2010 7:26 p.m. EST

— Durham-based Cree Inc. (Nasdaq: CREE) will be among the companies sharing $2.3 billion in federal tax credits to encourage clean energy manufacturing.

President Barack Obama announced Friday that the money comes from last year's federal stimulus package.

Cree Inc. will get $39 million to boost production of high efficiency lighting.

Stocks for the light-emitting diode and semiconductor manufacturer closed Friday at a 52-week high of $59.37. Just a year ago, Cree shares traded at under $16.

Four South Carolina firms will also get green-jobs tax credits.

General Electric gets $27 million to manufacture heavy-duty gas turbines in Greenville, S.C., while Tindall Corp. will get $17 million to make precast concrete bases for wind turbines at its Spartanburg, S.C., plant.

Itron Inc. in West Union, S.C., will get $5 million to produce a meter needed for smart electrical grids, and Conway, S.C.,-based Metglas Inc. will get $5 million to increase production of efficient electrical transformers.