GT Advanced announces settlement with Apple

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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