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Cree Inc. Buys Arkansas Power Electronics International of Fayetteville

2 min read

Cree Inc. of Durham, North Carolina, a publicly traded LED and semiconductor manufacturer, said Thursday that it has purchased Arkansas Power Electronics International of Fayetteville, the earliest and one of the most successful companies born out of the University of Arkansas’ Arkansas Research & Technology Park.

Financial terms of the deal were not disclosed. Cree said that the APEI team will now be called Cree Fayetteville Inc. and continue to be based there. The unit will operate as part of Cree’s Power and RF business. 

Cree (Nasdaq: CREE) said the merger is not expected to have a material impact on its fiscal 2016 earnings.

“Adding this expert team of innovators and portfolio of patents will enable us to further disrupt and expand the market,” said Frank Plastina, executive vice president of Cree Power and RF. “Extending our research and development capabilities with APEI, a leader in wide bandgap power [research and development], will help us accelerate delivery of a full spectrum of [silicon-carbide] power modules to meet customer requirements for performance and cost.”

APEI specializes in advanced, high-performance electronics for a variety of applications including the defense, aerospace and hybrid/electric-vehicle markets.

The company has worked with Creeon ways to reduce the size and improve the efficiency of the device that converts electricity into power in hybrid vehicle batteries. Last year, APEI earned its second R&D 100 award for work on the project.

“Joining forces with the market leader in silicon-carbide power gives us an opportunity to commercialize our products faster,” said Alex Lostetter, president and CEO of APEI. “This ideal combination of chip technology and packaging will give us first-mover advantage, helping us to set the industry standard for power modules.”

APEI is a client firm of Innovate Arkansas and the Arkansas Science & Technology Authority.

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