GT Advanced cut jobs and close sapphire plant in Arizona
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POSTER: computer news || GT ADVANCED CUT JOBS AND CLOSE SAPPHIRE PLANT IN ARIZONA |
DATE:2014-10-13 |
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Company GT Advanced Technologies Inc, collaborating with Apple, is now experiencing the worst times. Leadership has already announced a reduction of 890 jobs, also in the plans for the production of plant closures sapphire in Arizona. "These measures will help to GT Advanced stop loss and re-focus their resources on their core business of selling sapphire furnaces and other products," . The company has initiated bankruptcy proceedings, which were filed an application to the Court of Manchester, New Hampshire. In this case, GT Advanced believes that Apple is partly to blame for its poor financial position. Management of the company has many claims to Apple, arising from the business relationship . In turn, Apple's response to the GT Advanced reported that the company intends to keep jobs in Arizona and now consults about future actions with state and local officials. Amidst all these events share GT Advanced plummeted by 90%, and now the cost is less than $ 1 per unit. Moreover, the company is still in no hurry to disclose the details of bankruptcy and future plans. Presumably, the entire procedure will last until the end of the year. The first hearing is scheduled for Wednesday, October 15th. They will be held in Springfield, Massachusetts. It will be recalled that an agreement has been concluded with Apple last year. The company GT Advanced was to be the supplier of sapphire glass for Apple, for which the American company has invested $ 578 million in the factory GT in Arizona. Now GT promises to return the money back to Apple for five years, starting in 2015. | ||
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GT ADVANCED CUT JOBS AND CLOSE SAPPHIRE PLANT IN ARIZONA |
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