GT to lay off 2/5 of global workforce

GT Advanced Technologies has fallen a long ways from its high as a PV equipment and sapphire technology leader. Following a major deal gone wrong with Apple, GT filed for chapter 11 bankruptcy last October. Last month long-time CEO Tom Gutierrez resigned, and now the company has announced major reductions to operations in an attempt to restructure.

GT plans to refocus on core businesses spanning sapphire and PV equipment. This includes its polysilicon business, DSS crystal growth furnaces, and the commercialization of its Merlin PV cell interconnection technology, stating that it expects a rebound in solar equipment spending over the next two years.

GT also says that it is looking at its other businesses to “assess their strategic importance to the company’s operations” after it exits bankruptcy. Along the way, the company expects to reduce operating expenses by 40% by laying off 2/5 of its global workforce, which it says will impact all locations and functions of its business.

In July, GT announced that it had secured a US$ 95 million debtor-in-possession term loan facility. The company hopes to emerge from bankruptcy in the first quarter of 2016.