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GT Advanced to reduce headcount and expenses, eyes early 2016 exit
By Caroline Salls
Pittsburgh, Aug. 31 – GT Advanced Technologies Inc. is reducing global headcount and lowering its operating expenses as part of its ongoing restructuring, according to a news release.
GT said this action impacts all locations and functions of its global business operations and is expected to reduce headcount and related operating expenses by roughly 40 percent.
In July, the company announced it had secured a $95 million debtor-in-possession term loan facility. GT Advanced said it is now taking steps it believes are necessary to align its cost structure with its revised business plan being developed to allow the company to successfully emerge from Chapter 11 in the first quarter of 2016.
According to the release, the revised business plan’s foundation will be centered on the breadth of the company’s core technologies and product offerings, including its ASF sapphire equipment business, its traditional polysilicon and DSS solar PV business, the commercialization of the Merlin cell interconnect technology and its specialty sapphire materials business.
In addition to its ASF equipment sales efforts, the company said it is taking steps to ensure that its solar PV product offerings are ready to capitalize on new demand from customers as the solar capital equipment business returns to growth over the next two years.
GT Advanced said it is also looking at its other businesses to assess their strategic importance to the company’s operations once it emerges from Chapter 11.
Merrimack, N.H.-based GT Advanced Technologies is a provider of equipment and services that support the growth of the solar and LED industries. The company filed for bankruptcy on Oct. 6, 2014 in the U.S. Bankruptcy Court for the District of New Hampshire under Chapter 11 case number 14-11916.
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