Cree, a LED Lighting company has declared that it has taken over Rudd Lighting, an outdoor LED lighting company.
This will enable Cree to continue providing energy-efficient LED lighting. Both the companies are focused on providing excellent LED-based solutions and have installed a large number of LED installations in the past.
As Cree takes over Rudd Lighting, Cree extends its market to both indoor and outdoor lighting as well as results in expansion of its sales channel. This acquisition helps Cree to increase its knowledge and expertise base, in order to design advanced LED based components.
Alan Rudd, Chairman and Chief Executive Officer of Rudd Lighting states that it was good for Rudd Lighting to join Cree as that would increase their base in the market.
Rudd Lighting will hereafter be a subsidiary of Cree with Alan Rudd as part of the Cree Board. A main product of Ruud Lighting is the BetaLED product portfolio and Ruud was among the first traditional lighting companies to convert a major portion of its business to LED-based systems. Cree takes over the outstanding stock of Rudd Lighting and this process has been structured according to tax norms as well.
Source: http://www.cree.com/