GT Advanced Technologies Inc., (NASDAQ: GTAT), announced that it has received a $12.6 million follow-on order from Zhejiang Shangcheng Science & Technology Co., Ltd (Shangcheng) for additional ASF™ sapphire growth furnaces.
The ASF furnaces will increase Shangcheng’s production capacity, which the company believes is needed to meet expected demand from the LED industry and other industrial applications.
“This follow-on order for our ASF furnaces demonstrates Shangcheng’s confidence not only in the robustness of our sapphire growth technology, but in the continued growth of the LED industry,” said Tom Gutierrez, GT’s president and CEO. “The winners in this industry will be the companies that are positioning themselves for the future by investing today in best-in-class technology that enables low cost production of high quality sapphire. Shangcheng has demonstrated the kind of leadership and technological expertise needed to prepare the company for long-term success.”
“The ASF furnaces we initially purchased are now qualified and already producing high quality ASF-grown material,” said Mr. Yuncai Wu, General Manager of Zhejiang Shangcheng Science & Technology Co., Ltd. “Our manufacturing operations and technology teams worked closely with GT’s local sales, service and support teams to ensure a successful startup of our new sapphire production plant, which is demonstrated by the fact that we have already qualified our material by some top LED manufacturers at two, four and six-inch diameters. We are very grateful for the level of support GT has provided during the ramp up of our new plant.”
Shangcheng is a vertically integrated sapphire manufacturer producing boules, cores and wafers which it sells to LED manufacturers. The company also produces sapphire which is used in a variety of other industrial applications.
About GT Advanced Technologies Inc.:
GT Advanced Technologies Inc. is a global provider of polysilicon production technology, and sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets. The company's products and services allow its customers to optimize their manufacturing environments and lower their cost of ownership. For additional information please visit www.gtat.com.
Some of the statements in this press release are forward-looking in nature, including the company’s ability to recognize revenue from customer contracts. These statements are based on management’s current expectations or beliefs. These forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control, which could cause actual events to differ materially from those expressed or implied by the statements. Factors that may cause actual events to differ materially from those expressed or implied by our forward-looking statements include the possibility that the Company is unable to recognize revenue on customer contracts, that technological changes could render existing products or technologies obsolete, the Company may be unable to protect its intellectual property rights, competition from other manufacturers may increase, exchange rate fluctuations and conditions in the credit markets and economy may reduce demand for the Company’s products and various other risks as outlined in GT Advanced Technologies Inc’s (formerly Solar International, Inc.) filings with the Securities and Exchange Commission, including the statements under the heading “Risk Factors” in the Company’s annual report on Form 10-K for fiscal 2011 filed on May 26, 2011 and quarterly report on Form 10-Q for the third quarter of fiscal 2012 filed on February 7, 2012. GT Advanced Technologies Inc. is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.