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AZ Tech Beat | November 17, 2018

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GTAT reaches “consensual accord” with Apple

GTAT reaches “consensual accord” with Apple
Ryan Loebe

The details have been sparse, but today we finally found out GT Advanced Technologies’ (GTAT) fate. GTAT’s attorney stated earlier today that the split is an ‘amicable parting of ways,’ and that the accord will save millions of dollars and solve most issues.

Related: GTAT cuts hundreds of jobs from Arizona employees

GTAT’s attorney also disclosed that Apple would be paid once the Mesa facility’s sapphire furnaces are sold. GTAT was given the go-ahead to wind down operations and are able to pay incentives to certain employees.

Check out our GTAT coverage here

Contributions from StreetInsider.com