According to Cree, it will build its first chip production facility outside of North America at Huizhou, which is in southern China.
Cree didn't announce how many employees it plans to hire at the new plant. Already more than half of the company's 3,500 employees work in China, mostly at an existing plant in Huizhou.
Cree employs about 1,500 at its headquarters and manufacturing plant in Durham, but it said last month that it planned to add 575 workers by the end of 2012 -- including 200 within a few months -- as part of its expansion plant expansion there.
Cree revenue for the fiscal first quarter that ended Sept. 27 totaled $169.1 million -- up 20 percent compared with a year ago and a 14 percent increase over the previous quarter.
Profits for the quarter totaled $21 million, versus $5.9 million a year ago.
Cree previously said it would spend between $150 million and $165 million during its current fiscal year to expand its plants in Durham and China to meet growing demand. Probably this announcement from Chuck Swobada (CEO of Cree) had mentioned earlier that they will have lessen Chip supply of Q2 2010, as partly due to this new chip manufacturing facilities installation.
With such big Move, Cree will be sustaining his position in Chip and his Package LED supply as Crees’ smart approach in using China competitive labour and skillful technical people as a to turn out supply of LED with competitive price into China huge LED demand for their Lighting.