Cree announces LED business restructuring, US$500 million stock buyback authorization

Cree has announced that the board of directors has approved a restructuring of the LED Products business, a US$500 million stock buyback authorization for fiscal year 2016, as well as its fiscal year 2016 annual operating plan that targets revenues to increase to US$1.8 billion, non-GAAP operating margin increase to approximately 8%, and free cash flow of approximately US$75 million.

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