China just hand Cree, seek common development

Day ago, Huagang photoelectric (Group) Co. Ltd. and the United States CREE company's website also announced that China's LED group was responsible for packaging division Huagang photoelectric Parts Co. Ltd. (COTCO Luminant Device Limited) sold to the United States Cree company.

Allegedly after the completion of the merger Huagang photoelectric (Group) Company Limited (the "company" photoelectric Limited company) will be renamed as the photoelectric (Group) Company Limited ("United Luminous International (Holdings) Limited). According to relevant sources, the sale for bilateral strategic cooperation, because China has been just as the main chip of CREE global procurement, through the merger between the two sides of the more in-depth cooperation, and China just group will be the single largest shareholder of Cree. At the same time, China belongs to the "COTCO" brand will continue to retain. China is convinced that the company after the merger, China has just been able to introduce advanced technology and abundant resources of Cree, and further establish a leading position in the ultra high brightness LED market. At the same time, CREE company also through the merger, to further improve their industrial deployment, with China just in Chinese low cost production platform and in the Asia Pacific sales channels, accelerate its development and global market in China.

This strategic merger involving China three major business units just under the group, including LED packaging division, [Intelligent module Module (IM)] division, and display division (Display). Affect as follows:

LED packaging division

After the merger, branch Huagang photoelectric parts Limited company management (including cotco international trade limited company, Huizhou Huagang photoelectric Parts Co., Ltd. Huagang photoelectric (Shanghai) Co., COTCO, Japan, Co., Limited) will become a member of Cree company. The merger is expected to be in 2007 at the end of March or early April formally completed and effective. Upon completion of the merger, the current management will continue to remain in place and the operation of the regulatory business.

Module and display division

Module and display division will integrate branch "and the company wholly owned by the photoelectric Co. Ltd." (Light Engine Limited) is responsible for the operation and management, still remain unchanged.