Semiconductor Manufacturer Cree to Spend $300m to Expand North Caroline Facility

Cree, Inc. today announced that it will expand its manufacturing and R&D operations in North Carolina with initial expansion activity beginning in the Fall of 2004. This expansion will be located in the Research Triangle area near the company’s Durham headquarters. Cree expects the project to include the expenditure of a minimum of approximately $300 million in plant and equipment and the creation of at least 300 new jobs over the next 5 years. Approximately $5.1 million in incentives related to job creation, capital expenditures and R&D activity have been made available by the state of North Carolina.

Chuck Swoboda, President and CEO of Cree, stated “This expansion will help Cree support the strong demand for our LED chip products and position the company for our targeted future growth not only in LED chips, but also our new XLamp™ and power product lines. We are pleased to be expanding in North Carolina and greatly appreciate the support from the state of North Carolina.”

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