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Subsequent Event | 12 Months Ended
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Jun. 25, 2017
Subsequent Events [Abstract] |
Subsequent Event | Subsequent Event On April 25, 2017, the Company announced that it intended to form a joint venture, to be called Cree Venture LED Company, Ltd. (Cree Venture LED), with San’an Optoelectronics Co., Ltd. (San’an) to produce and deliver to market high performing, mid-power lighting class LEDs in an exclusive arrangement to serve the expanding markets of North and South America, Europe and Japan, and serve China and the rest of the world on a non-exclusive basis. Effective July 17, 2017, the Company entered into a Shareholders Agreement with San’an and Cree Venture LED pursuant to which the Company and San’an funded their contributions to Cree Venture LED and agreed upon the management and operation of Cree Venture LED. The Company contributed $5.1 million for a 51% ownership interest and San’an contributed $4.9 million for a 49% ownership interest. Cree Venture LED will have a five-member board of directors, three of which will be designated by the Company and two of which will be designated by San’an. In connection with forming Cree Venture LED and entering into the Shareholders Agreement, Cree Venture LED and San’an also entered into a manufacturing agreement pursuant to which San’an will supply Cree Venture LED with mid-power LED products, and Cree Venture LED and the Company entered into a sales agency agreement pursuant to which the Company will be the independent sales representative of Cree Venture LED in the exclusive markets, among certain other ancillary agreements related to the transaction. The Company targets that Cree Venture LED will finish becoming fully established and begin first product qualifications with customers by the end of calendar 2017.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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