GT Advanced Technologies and Apple have agreed to a deal that will let GT close the Mesa, Ariz. and Salem, Mass. factories where it was producing scratch-resistant sapphire, and void the contracts it had signed with its one-time partner.
GT, which filed to reorganize under Chapter 11 protection on Oct. 6, will exit the sapphire-making business and re-focus on manufacturing the furnaces used to grow the material.
The Merrimack, N.H. company will cut most, but not all, ties with Apple, and the two will go their separate ways.
However, Apple will be allowed to recover the $439 million it pre-paid to GT, the redacted settlement stated. Apple will receive a portion -- the exact amount was struck from the document -- of the sale of each sapphire-producing furnace that GT sells over the next four years. The furnaces in GT's possession include the 2,036 that were installed in the Mesa facility, which it will remove and store, then attempt to resell.
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