GT Advanced announces settlement with Apple

Updated
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As was reported Wednesday, GT Advanced Technologies has now officially announced that it has reached a settlement agreement with Apple. The announcement reveals GT will retain ownership of its production, ancillary, and inventory assets in Mesa, Arizona. GT will also be given four years interest-free to repay Apple $439 million – money that the company will earn by selling its sapphire furnaces. Although GT is leaving the sapphire production business, the company and Apple will “continue their technical exchange involving the development of processes for growing next generation sapphire boules.”

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Phil Dzikiy

Phil Dzikiy was the Editor-in-Cheif at iLounge. He mostly edited and oversaw all site editorial content, managed staff and freelancers, made the final call on product review grades and awards, and led online coverage of all Apple events and live coverage of the International CES in 2015.