Electrical Marketing's LiveWire

LED lighting manufacturer Cree Inc., Durham, N.C., said its public offering of common stock, which closed Wednesday, plus its underwriters’ exercise of their full allotment of additional shares, brought the company $434.1 million. In a market environment where risk avoidance has been the norm for more than a year, it seems investors are looking at solid-state lighting as a stable growth technology.

Cree plans to use the proceeds “for anticipated capital expenditures of approximately $150 million in fiscal year 2010 and additional future capital expenditure needs with the remainder being used for general corporate purposes, including working capital and potential strategic investments.”

Cree release

Ericson Manufacturing (Willoughby, Ohio): Jim Johnson has been promoted to national sales and marketing manager. Johnson joined Ericson this past March, serving as the north central regional sales manager. Prior to joining Ericson, he spent 18 years with the Lester Sales Co., a manufacturer’s representative, serving as the Indiana sales manager. Johnson brings to Ericson more than 20 years of experience within the electrical industry and a proven track record in sales management, leadership development, and field training, the company said. Johnson has a B.S. degree from Northern Illinois University and maintains his CPMR certification.

GE got the sale, replacing approximately 12,000 standard incandescent and halogen lights in more than 150 Red Robin Gourmet Burger locations. The 7W PAR 20 floodlights are expected to cut the chain’s energy consumption by 77 percent.

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