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Technology Stocks : Cree Inc.
CREE 49.76-2.1%Sep 20 12:00 AM EDT

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From: slacker7118/6/2019 10:46:40 AM
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Cree and ON Semiconductor Announce Multi-Year Silicon Carbide Wafer Supply Agreement
AUGUST 6, 2019
Agreement to boost commercial expansion of SiC in automotive and industrial applications

DURHAM, N.C. – Cree, Inc. (Nasdaq: CREE) and ON Semiconductor Corporation (NASDAQ: ON) announced the execution of a multi-year agreement where Cree will produce and supply its Wolfspeed® silicon carbide wafers to ON Semiconductor, a global semiconductor leader serving customers across the spectrum of electronics applications. The agreement, valued at more than $85 million, provides for the supply of Cree’s advanced 150mm silicon carbide (SiC) bare and epitaxial wafers to ON Semiconductor for use in high-growth markets, such as electric vehicle and industrial applications.

“ON Semiconductor continues to be a leader in driving the development of energy efficient innovations and devices,” said ON Semiconductor Vice President & Chief Procurement Officer Jeffrey Wincel. “Partnering with Cree is essential in maintaining a world-class supply base. This agreement supports our commitment to growing automotive and industrial applications and ensuring the availability of industry-leading silicon carbide that helps engineers solve their unique design challenges.”

“We are committed to leading the global semiconductor market’s transition from silicon to silicon carbide solutions and are pleased to support ON Semiconductor as we work to accelerate this market,” said Cree CEO Gregg Lowe. “This is the fourth major long-term agreement for silicon carbide materials that we have announced in the past year and a half. We will continue to drive silicon carbide adoption and availability through ongoing wafer supply agreements, such as this, and our recently announced major capacity expansion.”

Wolfspeed, A Cree Company, is the global leader in the production of silicon carbide and epitaxial wafers.

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