Cree to restructure LED business, cuts revenue forecast
(Reuters) - Cree Inc, a light-emitting diode maker, said it would restructure its LED products business, hurt by a decline in selling price and under-utilization of its factory.
Cree, which also lowered its revenue forecast for the fourth quarter, said on Wednesday it would buy back $500 million worth of stock for fiscal 2016.
The company said it expects to take a restructuring charge of about $85 million, partly in the fourth quarter ending June 28.
(Reporting By Lehar Maan in Bengaluru; Editing by Joyjeet Das)
