Almost a year back, Apple’s sapphire supplier GT Advanced Tech revealed that it was filing for bankruptcy under Chapter 11, with the company parting methods with Apple as part of the restructuring. Today, The Wall Street Journal reports that GT Advanced Tech will certainly be minimizing its workforce by another 40 percent in an effort to more cut costs.
GT Advanced Technologies already laid off around 700 employees when it at first revealed its plans to apply for bankruptcy. While it’s unclear how lots of people will certainly be getting laid off in this wave of cuts, the company states the lay offs will save it some $ 20 million each year and assist it “right size” its costs.
Apple and GT Advanced severed ties when the latter business announced that it was filing for bankruptcy. At the time, however, GT kept in mind that the parting was peaceful. GT settled many of its financial obligations by selling the sapphire furnaces that it had actually acquired for its Arizona plant.
The business, which had actually already laid off some 700 workers at a former Arizona sapphire-manufacturing facility, stated the additional cuts will save it $ 20 million a year and help it “best size” its expenses after leaving chapter 11, according to documents submitted in U.S. Bankruptcy Court in Manchester, N.H.
. The number of employees getting pink slips is uncertain. A company representative couldn’t be reached for remark. GT Advanced had about 1,000 employees when it applied for bankruptcy in October.
Earlier this month we reported that the iPhone 6S and 6S Plus will not showcase sapphire screens, leaving Apple Watch as the only Apple product that utilizes the material. The impacts of GT Advanced Tech’s battles on Apple are still unclear on the surface area, but the company’s failure likely contributed in some method, shape, or form to the lack of a sapphire iPhone, although there would be numerous trade-offs to utilizing it.Filed under: AAPL Company Tagged: Apple watch, GT Advanced, iPhone, Sapphire, supplier
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