Cree purchases Ruud Lighting for $525M

Energy-efficient lighting maker Cree, Inc. announced on Wednesday that it was buying Ruud Lighting, Inc., a leader in LED outdoor lighting, for $525 million. 

“Cree is taking another bold step in leading the LED lighting revolution, creating a company that has an unrivaled focus and commitment to driving LED lighting adoption,” Chuck Swoboda, chairman and chief executive of Cree, said in a statement. 

Ruud Lighting's chairman and chief executive Alan Ruud said joining Cree was the right thing to do to build on the company's leadership position. 

Ruud Lighting will continue to be based in Racine, Wis., and will operate as a subsidiary of Cree’s lighting business.

Cree is headquartered in Durham.