Bloomberg News

GT Advanced Acquires Thermal Technology to Make Sapphire Screens

May 16, 2013

GT Advanced Technologies Inc. (GTAT:US), a U.S. supplier of manufacturing equipment for solar and energy-efficient lighting products, acquired Thermal Technology LLC in a deal that values the supplier of high-temperature furnaces at more than $14.7 million.

GT Advanced provided 3.4 million shares of common stock and agreed to pay an unspecified amount in the future, the Nashua, New Hampshire-based company said in a statement today. Jeff Nestel-Patt, a company spokesman, declined to provide additional information until a conference call tomorrow at 8 a.m. New York time.

GT Advanced rose 3.1 percent to $4.31 at the close in New York, the highest since Nov. 2. The acquisition will add about $9 million to $14 million in sales this year.

Closely held Thermal Technology, based in Santa Rosa, California, makes high-temperature thermal and vacuum systems that GT Advanced will use to make products including sapphire cover screens for touch-sensitive electronic devices.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • GTAT
    (GT Advanced Technologies Inc)
    • $0.44 USD
    • 0.02
    • 5.1%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus