Cree announced today that Sumitomo Corporation has agreed to purchase approximately $100 million of Cree’s light emitting diode (LEDs) products.
The contract will run through Cree’s fiscal year ending June 2004 and is subject to end customer demand and other terms and conditions.
Cree and Sumitomo anticipate that the purchases will cover Cree’s full line of LED products representing its standard brightness devices, its MegaBright and other mid-brightness devices, and its XBright LEDs.
‘This new agreement is greater than four times last year’s commitment from Sumitomo and is indicative of the growth we have experienced in Japan,’ said Chuck Swoboda, Cree’s President and CEO. ‘We believe this is a direct result of our Cree Japan, Inc. sales and engineering team working closely with Sumitomo to support the major LED packagers in Japan.’