FollowAfter breaking sale records during opening weekend, iPhone 6 is finally available in China which means more money for the tech giant. Today we found out that Apple bankrupts sapphire glass makers, GT Advanced Technologies, after new iPhone 6 and iPhone 6 Plus did not feature sapphire glass displays.
Apple Bankrupts Sapphire Glass Makers
When Apple announced its new iPhone 6 and iPhone 6 Plus smartphones back in September, it made no mention whatsoever of sapphire glass display. Everyone was expecting the new iPhones to have sapphire glass display, as there were countless rumors of Apple stocking up on it, but the new phones had Gorilla glass displays. It’s true that Apple did not use the words Gorilla glass, but the description fits the bill.
Now, GT Advanced Technologies, parts suppliers for the California-based tech giant, has filed for bankruptcy yesterday. It listed its assets of $1.5 billion and $1.3 billion liabilities. This comes as quite a shock, as in the fall of 2014, Apple signed a$578 million deal in which GT Advanced Technologies would make sapphire glass displays for iPhones.
What happened between the signing of the deal that would have put sapphire glass on every iPhone 6 and iPhone 6 Plus and the introduction of the new iPhones with Gorilla Glass displays? Well, in our opinion, something had to have gone wrong between the two companies for this to have happened.
Just a few months ago, in July, GT Advanced Technologies was worth $2.8 billion, but as a result of the bankruptcy, the stock fell more than 90% and reached a new low of 75 cents.
Some are saying that GT Advanced Technologies had become too dependent on Apple and when their relationship suffered, the company simply could not recover. What are your thoughts on the fact that Apple bankrupts sapphire glass makers? Share them with us in the comment section below.
