Cree recently announced that it buys LED outdoor lighting supplier Ruud Lighting Inc. in a cash and stock worth about $525 million.

It would accelerate adoption and expanding the market for Cree’s LED systems and components. Cree is taking another bold step in leading the LED lighting revolution, creating a company that has an unrivaled focus and commitment to driving LED lighting adoption.

Ruud Lighting will continue to be based in Racine, Wis., and will operate as a subsidiary as part of Cree's lighting business, Cree said. Alan Ruud, chairman and CEO of Ruud Lighting, has joined Cree's board of directors.