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)

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