"Cree's recent acquisition of Ruud Lighting and its BetaLED products brought together two leading LED lighting companies under one roof," said Chuck Swoboda, chairman and CEO of Cree. "Last month this facility shipped its 500,000th LED luminaire - further evidence of the market demand for the latest LED technology and a need to expand our facilities to maintain our leadership of the LED lighting revolution."
The expansion will extend component and product storage capacity and house several new manufacturing lines for new and existing Cree LED lighting products. In addition to the 208,000sq.ft facility, the investment will include equipment needed to expand manufacturing operations. Most of the full-time jobs will be assembly positions, with other opportunities to follow growing demand for LED lighting products.
"This is exciting news for the lighting industry and Racine County," said Christopher Ruud, president of Cree's Ruud Lighting subsidiary. "Beyond Cree's dedication to advancing LED lighting technology, it's a long-term investment in the people of Racine County and the community's manufacturing base."
To help offset the company's $24.5m investment, Ruud Lighting will receive funding and incentives related to local job creation from sources including the Wisconsin Economic Development Corporation (WEDC); Racine County; Racine County Economic Development Corporation (RCEDC); and the Village of Sturtevant, totalling more than $8m.
(Jim Evans)
