News Article

Wolfspeed is New Name of Cree's Power and RF Division
Date: Sep 02, 2015
Author: Gatling, Paul
Source: ( click here to go to the source)

Featured firm in this article: Arkansas Power Electronics International Inc of Fayetteville, AR

Cree Inc., which began operating this summer in Fayetteville, announced Wednesday it is rebranding its Power and Radio Frequency division to Wolfspeed.

The North Carolina-based company acquired APEI of Fayetteville in July. The local company, which has about 50 employees, is now known as Wolfspeed Fayetteville, located at the Arkansas Research & Technology Park in south Fayetteville.

Frank Plastina, a longtime Cree board member, will be CEO of the new company

The name Wolfspeed is an acknowledgement of Cree's inception at North Carolina State University, whose sports teams are known as the Wolfpack.

The new name will allow the Power and RF division to build brand equity while operating as a separate business, according to a company news release.

On Tuesday, Wolfspeed announced that the U.S. Air Force awarded a $4.1 million contract for continued work on a high-performance power module developed for the F-35 Joint Strike Fighter jet. The module will be developed in Fayetteville.

Cree stock closed at $26.07 Tuesday, down more than 4 percent.