In 2013, Apple had signed a deal with GT Advanced Technologies to build a sapphire glass manufacturing unit in Arizona for their future smartphones. The news sent the GT stocks skyrocketing. However, at the September 2014 keynote event, Apple announced that the iPhone 6 and iPhone 6 Plus handsets do not include a sapphire glass, but just a coating on the glass to create a scratch-resistant surface.
This pushed GT stocks downhill and the company has finally filed for bankruptcy. However, a report on Ars Technica states that GT Advanced Technology is not planning to cut off all ties with Apple and terminate the contract. This will lead GT to shut down the Arizona plant and also lay-off almost 890 jobs. GT stated that doing so is the only way to save the business. The report also stated that GT Advanced Technologies will further pursue legal action against Apple.
