GT Advanced Technologies has officially reached a settlement with Apple in a deal that lines up with the one reported earlier this week. GT will wind down its sapphire production in Arizona and Massachusetts, and they will retain the right to sell their production materials. As part of the settlement, GT Advanced will be let out of any exclusivity agreement with Apple.
Under the terms of the settlement agreement, which is subject to approval by the Bankruptcy Court, GT will be released from all exclusivity obligations under its various agreements with Apple. GT will retain ownership of all production, ancillary and inventory assets located in Mesa and Apple is provided with a mechanism for recovering its $439 million pre-payment made to GT over a period of up to four years without interest, solely from a portion of the proceeds from ASF® sales.
What do you think of this settlement between Apple and GT Advanced? Let us know in the comments.