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June 30, 2014
08:11 EDTGTATGT Advanced announces realignment of manufacturing, engineering resources
GT Advanced Technologies announced a realignment of its manufacturing, engineering and supply chain resources to optimize effectiveness across its increasingly diversified business portfolio. The actions taken will align previously centralized personnel and operational resources directly with the company's various businesses, which include the rapidly ramping Arizona based sapphire materials business and expanding equipment businesses with applications ranging from solar and LED to power electronics, consumer electronics and industrial. In connection with these steps, GT expects to recognize cash charges of approximately $1.8M and non-cash charges of approximately $11.6M over its second and third quarters. As part of this initiative, the company is moving most of its sapphire fabrication activities to its Mesa, Arizona operation. The majority of the $13.4M of one-time charges being taken this quarter are related to this move. Total one-time charges are expected to include approximately $4.5M related to asset impairments, $4.3M in facilities-related charges, $2.8M related to inventory and $1.8M for severance costs in connection with the elimination of approximately 70 positions. These charges, which will be reflected in the company's GAAP results, are not expected to impact the company's non-GAAP financial results.
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