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Here’s the first 5 paragraphs:
STURTEVANT — Lighting giant Cree, which has administrative and manufacturing facilities in Sturtevant, on Friday announced an agreement to sell its entire lighting products business unit, Cree Lighting, to Ideal Industries for approximately $310 million.

Durham, N.C.-based Cree is the company that bought the former Ruud Lighting in 2011 for $525 million and absorbed it. Cree Lighting includes the LED lighting fixtures, lamps and corporate lighting solutions business for commercial, industrial and consumer applications.

Cree said in a news release that the agreement to divest its lighting business continues Cree’s strategy, announced in February 2018, to create a more focused, “powerhouse” semiconductor company. It said the sale provides growth capital for Wolfspeed, Cree’s core power and radio frequency business, and equips Cree with additional resources to expand its semiconductor operations.

No information was immediately available Friday morning about the potential impact on Cree’s existing operations at 9201 Washington Ave., Sturtevant, where the company has an estimated 1,000 employees.

The closing of the transaction is anticipated to occur in the second quarter of this year, subject to receipt of required regulatory approvals and satisfaction of customary closing conditions.

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-Keith