Walmart to install Cree lighting

Cree's very good year has gotten just a bit better.

The Durham LED maker has won over retail behemoth Walmart. The chain plans to install Cree's energy-efficient LED lamps in 650 stores.

Terms of the deal weren't disclosed, and Walmart is known for squeezing a penny, but still it's another high-profile deal that can help to cement Cree's reputation in LED lighting.

Last month, the company reported quarterly results that were better than analysts expected with revenue of $169.1 million. That news followed an announcement that it would hire 200 workers in Durham over the next couple of months and 375 more by the end of 2012 to expand capacity and meet growing customer demand.

Cree's LEDs are used to illuminate mobile phones, computers and other gadgets, and it also makes LED lighting fixtures such as those Walmart will be using.

Neal Hunter, president of Cree Lighting, said in a statement that the company's TrueWhite technology makes "food and merchandise attractive." The lamp chosen by Walmart, which is on an energy-efficiency campaign, is designed to last 50,000 hours and uses 82 percent less energy than the bulb it replaces.

The company currently has about 1,500 workers in Durham and 3,300 overall.

Staff writer Mary Cornatzer