MERRIMACK, N.H.--()--GT Advanced Technologies Inc., (NASDAQ: GTAT), today announced that OCI Company, Ltd., its long-time South Korea-based PV and now also a sapphire equipment customer, has begun production of sapphire boules and cores in its new manufacturing facility. The company has completed the initial installation of GT’s ASF™ sapphire growth furnaces that were purchased in January 2011. In a ceremony on March 2 to commemorate its new sapphire production facility, OCI mentioned it has begun the shipment of 6-inch sapphire cores as well as 2-inch and 4-inch products to top manufacturers located in Taiwan and Korea. The new eco-friendly plant has an annual production capacity of 4 million millimeters of sapphire.
A recent article in The Korean Times reported that with technological help from GT’s service installation team, OCI has already started exporting various sized sapphire cores to its customers. The article went on to say that GT’s ASF furnaces, which use the heat exchanger method (HEM) growth process, incorporate a cost-effective sapphire crystallization methodology for the high yield production of quality material. See link to full article.
http://www.oci.co.kr/eng/prcenter/notice_view.asp?idx=343&pageNo=1&srchType=3&srchVal
“Starting up a new sapphire production facility takes tremendous planning and coordination to ensure a successful launch,” said Cheryl Diuguid, GT Advanced Technologies’ vice president and general manager of its Sapphire Equipment and Materials Group. “I am proud of the effort of our service and installation team who worked closely with OCI’s production and engineering team throughout the entire process to deliver a state-of-the-art sapphire production facility that is now producing high quality material.”
OCI’s ability to produce LED-grade sapphire at diameters up to six inches will help to position them as a top sapphire producer in the region. Their entrance into the LED industry utilizing GT’s ASF sapphire growth technology expands the relationship between the two companies. OCI and GT have successfully partnered together for a number of years in the PV industry where OCI has quickly grown to become one of that industry’s top polysilicon producers.
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.
Forward-Looking Statements
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.
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