Apple’s Sapphire Partner GT Advanced Technologies Files For Bankruptcy

Prior to the launch of the iPhone 6, iPhone 6 Plus, and the Apple Watch, there have been a lot of talks that Apple could be incorporating sapphire displays into their products, and while there have been sapphire used in the production of their products, it wasn’t exactly in the same way that we imagined.

Instead of sapphire displays, we got ion-strengthened glass and sapphire covered sensors, although to be fair the reports about the use of sapphire was fueled when Apple had partnered up with GT Advanced Technologies, who unfortunately has recently announced that they will be filing for Chapter 11 bankruptcy protection.

It seems that the company’s finances have taken quite a bit hit because they had to essentially retool themselves to support their partnership with Apple. Instead of selling furnaces to other companies, they decided to ramp up their production of sapphire, although now many are questioning as to what Apple or GT Advanced Technologies will be doing with all the sapphire that they have reportedly made so far.

According to the company’s president and CEO Tom Gutierrez, “Today’s filing does not mean we are going out of business; rather, it provides us with the opportunity to continue to execute our business plan on a stronger footing, maintain operations of our diversified business, and improve our balance sheet.”

The company’s shares have been noted to have falling in the past month. This is said to be due to how many investors had expected the company’s sapphires to be found in the new Apple products, and when they didn’t, they dropped drastically in value. GT Advanced Technologies is expected to continue to operate as per normal while they work to restructure and refinance themselves.

Tyler Lee
Categories: Apple
Tags: Apple Watch, iPhone