CREE HOLDERS:
Check out Uniroyal Technology Corp....producing a new generation of chips with light-emiting diodes. Here's a quick picture of this company. Howard Curd bought Uniroyal's plastics business in 1986, brought in a couple of guys from the orange juice business to run it, Robert Soran, Pres. and George Zulanas of Tropicanna fame. (You'd know if you were from Florida.)
UTC makes plastics...airliner windows, bank teller windows, construction industry adhesives, Naugahyde, growing about 5% a year....
Mgt not happy with that, looks around for greener pastures, largest shareholder, Tom Russell, (Chairman of Emcore, maker of semiconductor mfg equipment) suggests LED's. UTC invests (largely borrows) $35 mil to build fab, signed a joint venture with Emcore to get the plant running in a year, hiire from HP, TI, Intc, and don't worry about the lack of industry experience....it's about hiring the right people.
Company expects LED sales to reach $20 mil in 2000, $60 in 01, $150 in 03, matching this year's plastics sales. (not a misprint). Last year, LED (industry) sales grew 56%. UTC pe is 20, Cree pe is @75. First products due to ship in January, slippage from original plans for September. |
