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  • Apple Reportedly Tried to Help GTAT Qualify for its Final Payment


    Apple reportedly attempted to help GT Advanced Technologies’ when it came to meeting certain technical milestones which would allow continued payment as part of a conditional $578 million deal. Despite Apple’s help, GT Advanced failed to meet required sapphire plant goals that were stated in its contract which in turn led to Apple’s withholding of a final $139 million loan payout according to The Wall Street Journal.

    Sources who are familiar to the matter claimed that GT received the first three of four payments from Apple, totaling roughly $440 million, despite the company missing contract goals. Furthermore, sources continued by stating that Apple isn’t planning to exercise a contract provision that would allow the company to recoup its investment in GT. As part of its $579 million deal, GT Advanced Technologies was required to have a cash balance of at least $125 million but the company revealed it only had $85 million as of September 29.

    Apple recently released its first statement mentioning that it was surprised by GT’s bankruptcy filing and is currently working with Arizona officials to preserve jobs created in the state as part of the huge sapphire operation. For those of you who didn’t know, Apple announced its partnership with GT Advanced last November which ultimately led to the construction of the world’s largest sapphire manufacturing plant in Mesa, Arizona. The facility has said to have been tasked with providing Apple material for use in future products.

    GT Advanced Technologies’ Mesa plant has been ramping up production over the past few months, presumably in preparation for the much anticipated Apple Watch. Aside from protective covers for the iPhone’s rear-facing camera and Touch ID fingerprint reader, the Cupertino California company hasn’t used sapphire on a large scale. We’ll have to wait and see if this changes in the future.

    Source: The Wall Street Journal via AppleInsider
    This article was originally published in forum thread: Apple Reportedly Tried to Help GTAT Qualify for its Final Payment started by Akshay Masand View original post
    Comments 1 Comment
    1. exNavy's Avatar
      exNavy -
      Buy them and fire all management.