SYCAMORE, Ill., September 11, 2023 – IDEAL Industries, Inc., a leading provider of power and electrification products, announces the sale of its Cree Lighting division. This strategic move comes as part of the company's efforts to align its family of brands with its growth and investment goals, focus areas, and operational models.
This decision to divest Cree Lighting will enable IDEAL Industries, Inc to streamline its focus on its core ventures while providing the necessary resources and attention to each brand to propel them forward. The IDEAL Industries, Inc. family of brands includes Anderson Power®, Enatel®, and IDEAL® Electrical, all of which play a pivotal role in the company's overall success. Wells Fargo Securities, LLC served as exclusive financial advisor to IDEAL Industries, Inc.
"We are eager to take this significant step towards optimizing our business operations and strengthening our market position," said Steve Henn, CEO of IDEAL Industries, Inc. "Cree Lighting has been an integral part of our journey, and we are sincerely grateful for their contributions. However, we believe that this strategic divestiture will position IDEAL Industries, Inc. for accelerated growth and enhance our ability to capitalize on emerging opportunities in the industry."
As a family of brands, IDEAL Industries, Inc. remains committed to delivering exceptional products to its global customer base. This separation underlines the company's dedication to offering power and electrification focused solutions while driving innovation and excellence in all aspects of its operations.
"We have a remarkable team, and this strategic move will allow each division to concentrate on its unique strengths, ensuring increased customer satisfaction and organizational efficiency," added Henn. "Our current family of brands has already proven to be a powerful force in the market, and we are confident that they will continue to position us for the future."
IDEAL remains open to potential future expansions of its family of brands, seeking opportunities that align with its core values and contribute to its mission of delivering unmatched value to customers and stakeholders alike.