Durham semiconductor company Cree announced that it will change its name to Wolfspeed, highlighting the company’s decision to transition from LED lighting to semiconductors over the past few years. Cree, which was founded in 1987, has been known for making LED light bulbs. But its strategy has shifted markedly under CEO Gregg Lowe, who joined the company in 2017.
“The momentum we’re seeing in silicon carbide reinforces our competence and our growth strategy as we execute on our long-term plan. In addition, we are making solid progress on the divestiture of our LED assets and expect the closest transaction during our fiscal third quarter,” Lowe said.
“Once the divestiture of Cree’s LED is complete, we will have achieved a major milestone in our transformational journey to establish our company as a pure play global semiconductor powerhouse, well positioned to lead the industry transition from silicon to silicon carbide. Now to further amplify this transition, we are changing the name of our company to Wolfspeed. We believe this is a natural progression that builds on our strong reputation of developing silicon carbide solutions over the last 30 years while at the same time, capitalizing on the competitive positioning that the Wolfspeed brand has in the market."
Wolfspeed is the name of the technology group focused on power supply and RF technology and has been deemed by analysts as a leader in providing gear for the growing world of electric-powered vehicles. The Wolfspeed name has now become synonymous with Silicon Carbide leadership and has built a strong reputation in the marketplace.
