Cree Inc., a leading LED chip maker, issued a press release before the US stock market opened on the 9th, announcing that it will acquire a 592,000-square-foot facility in Huizhou, Guangdong Province, China, the company's first chip factory outside North America. Cree also said that the Huizhou plant will join the “Cree LED City†international energy-saving LED lighting promotion plan; the plant has completed the LED street light test program, and is currently implementing the LED street lamp installation plan in the Zhongkai National High-tech Industrial Development Zone. Cree shares rose 5.01% on the 9th, closing at 46.53 US dollars, the highest since November 17, 2000.
Cree announced the first quarter of July 2010 (July-September) earnings after the close of the US stock market on October 20. Earnings per share reached $0.3, which is better than the $0.22 expected by Thomson Reuters analysts. Looking forward to this quarter (October-December), Cree expects earnings per share to be between $0.28 and $0.30 (analyst average is expected to be $0.23).
Chuck Swoboda, Chairman and CEO of Cree, pointed out in a financial news release on October 20 that the LED lighting penetration rate continues to rise and the capacity utilization rate has risen, which is expected to benefit the company. It is expected that the company will grow steadily from October to December. . He also pointed out that July-September revenue and profits exceeded the company's target.
Cree announced on October 8 after the close of the US stock market that in order to meet the expansion needs of the Durham plant in North Carolina, the company will hire 275 employees locally in the current (2009) year. In addition, Cree expects to add another 300 jobs by the end of 2012.
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