“So much for Apple’s multiyear sapphire manufacturing alliance with GT Advanced Technologies. Not even a year old and it’s already headed for dissolution,” John Paczkowski reports for Re/code.
“GT will shut down its factories in Mesa, Ariz., and Salem, Mass., exit the sapphire production business entirely and sell off its sapphire furnaces to repay the $439 million in prepayments it collected from Apple,” Paczkowski reports. “Said an Apple spokeswoman: ‘Apple put a lot of effort into an ambitious new sapphire manufacturing process with GTAT which is not ready for production. We’re going to continue evaluating GTAT’s progress on larger sapphire boule development, as well as consider other options for the facility. We remain committed to the city and we’re going to work with Mesa and Maricopa County to help the GT Advanced employees who will be impacted by this find new jobs.'”
Read more in the full article here.
Related articles:
GT Advanced announces settlement with Apple; to exit sapphire production – October 23, 2014
Apple and GT Advanced settlement: Ending the madness – October 22, 2014
GT Advanced, Apple ink deal for ‘amicable’ split-up – October 21, 2014
GT Advanced Technologies Inc. suspended by Nasdaq – October 17, 2014
GT Advanced confidentiality hearing with Apple delayed – October 16, 2014
GT Advanced bankruptcy judge challenges Apple’s penchant for secrecy – October 15, 2014
Apple, GT Advanced in secret session with bankruptcy judge – October 9, 2014
Apple supplier GT Advanced: Confidentiality pact rules out bankruptcy explanation – October 9, 2014
Apple ‘surprised’ by GT Advanced’s bankruptcy filing – October 8, 2014
Shattered sapphire dreams at GT Advanced – October 8, 2014
Apple’s withholding of $139 million payment led to GT Advanced bankruptcy filing – October 7, 2014
GT Advanced CEO sold 9,000 shares the day before Apple’s iPhone 6/Plus event – October 7, 2014
Law firms launch investigations into possible violations of federal securities laws by GT Advanced – October 7, 2014
Analyst: Apple may take possession of sapphire furnaces from GT Advanced – October 7, 2014
Apple to provide debtor in possession financing to GT Advanced? – October 7, 2014
Investors stunned over GT Advanced bankruptcy filing – October 7, 2014
GT Advanced files for chapter 11 bankruptcy court protection – October 6, 2014
Apple and GT Advanced rampup sapphire production in Mesa – August 11, 2014
GT Advanced expects sales of sapphire production tools to boost profit; shares surge – August 5, 2014
Apple and GT Advanced open second sapphire plant in Salem, Massachusetts – June 19, 2014
Apple patents method for embedding sapphire displays in LiquidMetal device chassis – May 27, 2014
Who else but Apple would want to buy the GT factories? 👀
Our famous copy artist Samesung of course…
And then they’ll turn around and sell it to Apple. Will we ever be rid of Samsung?!?
I believe Apple own the facility and the solar farm that powers the facility.
Finally Apple has said itself that GTAT’s manufacturing is not ready for production.
So let me get this straight. GTAT will be allowed to sell the furnaces and MAYBE pay back Apple but the GTAT management who stole billions from investors get to keep the cash they made by selling before filing?
Where is the class action suit…were is the FCC…….someone get rope!
I think you mean SEC. They are notoriously undermanned and selectively prosecute wrongdoers based on deterrent effect and publicity. Apple may be protecting GT (eg. Quietly suggesting via back channels to leave them alone) as they would still be in the best position to pick this back up later.
FCC….seriously I did that. Haha.