mchen@heraldsun.com; 419-6636
DURHAM — A day after the Dell plant in Winston-Salem announced it was going to lay off nearly 1,000 workers, light maker Cree Inc. announced it would boost its workforce in Durham by about a third in the next two years.
Cree, which has been hiring throughout 2009, expects to add a total of 275 jobs by year end. The company also expects to hire an additional 300 workers by the end of 2012.
The new hires will boost the company’s light-emitting diodes manufacturing and meet other staffing needs. Cree also expects to expand our manufacturing capacity through improvements to its equipment.
The company currently employs 1,500 people in Durham and 3,200 total.
“Green jobs are a cornerstone of my vision for building a 21st century global economy in North Carolina,” Perdue said in a released statement. “This job announcement fits perfectly with my plan to grow a world-leading green economy in North Carolina that turns green into gold for decades to come.”
Cree has also begun manufacturing and assembling LED lighting products with electronics manufacturer Flextronics in Mecklenburg County.
Cree’s industry-leading line of LED lights, including recessed downlights and troffer replacements, began North Carolina production in August 2009.
The company recently also made a public offering of 12.65 million stocks to boost its capital. Total net proceeds are expected to be $434.1 million, after deducting expenses and underwriting discounts and commissions.
Although Cree executives have remained vague on the planned use of the money, the company said in the initial announcement of the stock offering in early September that the proceeds will be used for “anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments.”
Fiscal year 2010 for Cree began in July. The company will hold its first quarter earnings call on Oct. 20.
“We are seeing tremendous growth for LED lighting,” said Cree CEO Chuck Swoboda in Friday’s jobs announcement. “Energy-efficient lighting has its roots right here in North Carolina and Cree is proud to be bringing more green jobs to our state.”
