Glass maker deals to exit Apple, Arizona plantPosted: Updated:
PHOENIX (AP) -- A deal between Apple Inc. and a synthetic sapphire glass maker that was gearing up to produce huge amounts of the product for Apple in an Arizona factory allows for the sale of more than 2,000 furnaces to repay Apple.
The documents released by Merrimack, New Hampshire-based GT Advanced Technologies Thursday show the company will exit the glass-making business and try to sell the furnaces. GT filed for Chapter 11 bankruptcy reorganization on Oct. 6 and says it will use the sale proceeds to repay $439 million Apple advanced GT to outfit the Mesa, Arizona, plant.
GT is laying off 724 workers at the plant.
Apple bought the facility last year and announced a deal to lease it to GT to produce super-hard glass the tech company uses on iPhones.
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