As officially confirmed earlier this week, Apple has teamed up with smartphone cover glass maker GT Advanced in a $578 million multi-year deal which gives the iPhone maker steady supply of sapphire glass, a crystalline form of aluminum oxide hailed for its unmatched scratch resistance and hardness second only to diamond.
GT will be investing big money in large capacity furnaces to forge the precious gemstone on an industrial scale at Apple's upcoming eco-friendly, 700-employee facility in Mesa, Arizona. Although the deal is subject to "certain exclusivity terms" and GT expects "substantially lower" gross margins, it's of strategic nature and will be cash positive to GT.
By some estimates, GT's revenue next year could experience an unheard-of 15x increase based on the Apple contract alone…(...)
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