Ruud Lighting Brands to Stay Unchanged After Merger
Aug 23, 2011 It has been reported that Ruud Lighting Inc., recently acquired by Cree, will continue to manufacture BetaLED and Essentia brands.
The $525 million deal will combine the LED capabilities of both companies to address the market needs of indoor and outdoor LED lighting. Ruud Lighting (currently 750 employees) will continue to be based in Racine, and will operate as a subsidiary as part of Cree's lighting business. Ruud Chairman and CEO Alan Ruud has joined the Cree board of directors. Cree currentlyhas about 5,000 employees. Almost 1,000 employees has been added withing the last year with the help of incentives from North Carolina. Cree has previously supplied Ruud with LEDs for its lighting products.
It was announced that Ruud name will remain on the sign at the Racine facility and there will be no changes in employment force. Leaders of both companies expressed expressed excitement in joining their teams together and strong confidence in the prospective growth.
It is noteworthy that, Ruud is building a 208,000-square-foot addition to its 500,000-square-foot Racine facility. It had very successful 2010 year with the record high sales. LED product sales increased 50% in 2010.
Author: Alice Jones
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