GT Advanced allowed to shutter Mesa operations after Apple deal
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- Staff Phoenix Business Journal
GT Advanced Technologies Inc. has received court permission to wind down operations at a factory in Mesa, reports Bloomberg.
The move comes after lawyers came to terms with Apple Inc. (Nasdaq:AAPL) over confidentiality and contract matters.
Under the settlement, which will be filed by Oct. 24 with minor redactions, will save GTAT (OTC:GTAT) millions of dollars. The company also will retain intellectual property rights and not make any claims against the Cupertino, California-based tech giant.
GTAT also will maintain ownership of furnaces at the factory in Mesa and be free to sell them off. Apple will have a $439 million claim against that equipment and be paid only through sales of the furnaces. The gadget maker will have no other claims against GTAT.
GTAT abruptly filed for bankruptcy earlier this month. More than 700 workers in Mesa will be let go right before Christmas.
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