Jun 30 2005
Cree, Inc., today announced that it has signed a new long-term agreement with OSRAM Opto Semiconductors GmbH for the purchase of light emitting diode (LED) chips over a three-year period commencing June 27, 2005, and extending through June 2008. The agreement covers Cree’s entire LED chip product line, including standard, mid-bright and XBright® LED families. Pricing, product mix and volume have been agreed to for an initial period and will be reviewed and adjusted on a regular basis during the balance of the three-year term.
“We are pleased to announce our mutual commitment to continue to work together to further develop the exciting market for high performance LEDs. OSRAM Opto Semiconductors fulfilled its previous purchase commitment far earlier than expected and this agreement reflects the way in which the two companies have conducted business over the past several quarters,” noted Chuck Swoboda, Cree’s chairman and chief executive officer. “The new agreement is designed to allow both OSRAM Opto Semiconductors and Cree to react quickly to changes in this dynamic industry, which should increase our combined strength and enhance our ability to win new business.”
“This agreement demonstrates our commitment to our longtime relationship with Cree. OSRAM Opto Semiconductors’ success in the market has been enhanced by the value of Cree’s technology, flexibility and service,” noted Dr. Ruediger Mueller, president and chief executive officer of OSRAM Opto Semiconductors. “OSRAM Opto Semiconductors places great importance on working with companies that provide leading technology that complements our expertise in LEDs and lighting.”