Cree and ON Semiconductor Announce Multi-Year Silicon Carbide Wafer Supply Agreement
Cree, Inc. (CREE)
Last cree, inc. earnings: 4/29 04:01 pm
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Source: Business Wire
Agreement to boost commercial expansion of SiC in automotive and industrial applications DURHAM, N.C.--(BUSINESS WIRE)--Cree, Inc. (Nasdaq: CREE) and ON Semiconductor Corporation (NASDAQ: ON) announced the execution of a multi-year agreement where Cree will produce and supply its Wolfspeed® silicon carbide wafers to ON Semiconductor, a global semiconductor leader serving customers across the spectrum of electronics applications. The agreement, valued at more than $85 million, provides for the supply of Cree’s advanced 150mm silicon carbide (SiC) bare and epitaxial wafers to ON Semiconductor for use in high-growth markets, such as electric vehicle and industrial applications.“ON Semiconductor continues to be a leader in driving the development of energy efficient innovations and devices,” said ON Semiconductor Vice President & Chief Procurement Officer Jeffrey Wincel. “Partnering with Cree is essential in maintaining a world-class supply base. This agreement supports our commitment
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