Tag - Sapphire
Garmin has expanded its Fenix 3 multisport smartwatches with a trio of new fitness-tracking devices for the wrist. The updated models all include sapphire glass to protect their displays, with versions including a premium variant with a titanium bezel and band, one with easily changeable leather and nylon straps, and a third "HR" model that uses Garmin's Elevate wrist-based heart rate monitoring system that can be used to improve and optimize the wearer's exercise routine.
Former Apple manufacturing partner and sapphire crystal furnace manufacturer GT Advanced Technologies may soon be able to emerge from bankruptcy, following the filing of a new plan with the court that would see $60 million in new debt and $20 million in preferred stock put up by lenders early next year -- however, the plan does not include any compensation for shareholders or other investors. Under the proposal, ownership of the company would be transferred to creditors, which may still include Apple.
GT Advanced has made an agreement with Apple over a proposed settlement for how the company will pay off its $439 million debt. The settlement will potentially allow the sapphire glass producer to free itself from the massive debt, by holding an auction later this month and selling off its sapphire glass production equipment, among other items going up for sale.
Following the issues at GT Advanced, one of Apple's producers of sapphire glass for the Apple Watch has been identified as a Russian company called Monocrystal, according to a report. The synthetic sapphire producer is claimed to be a supplier to Apple, providing two-inch sapphire wafers specifically for the wearable device, and is believed to be one of the few sapphire glass producers making an operating profit by the end of 2014, with Monocrystal bringing in $87 million in annual revenue.
On Friday, Apple filed an objection in bankruptcy court to a new financing plan brought forward by GT Advanced Technologies, its former partner in sapphire glass production. The new financing report from GT Advanced claims that it has to collect enough insurance money over a fire that damaged the plant Apple owns in May, to cover a $95 million loan agreement for repairs. Apple says that GT Advanced is trying to weasel out of its obligations.
Huawei has introduced its flagship Android Wear device, simply known as the Watch. The company has called on traditional timepiece designers to help with industrial design. The result resembles a typical wristwatch, until the display flips from a clock face to an app interface.
Corning is working on a version of its toughened glass, used in a large number of tablets and smartphones, that can compete with sapphire. The glass manufacturer's Project Phire, announced on Friday, aims to make a glass that can combine the same drop protection that Gorilla Glass is known for with sapphire-level resistance to scratches, a weakness of currently-produced Gorilla Glass.
In a move sure to be opposed by the myriad companies it owes money to, former Apple sapphire supplier GT Advanced Technologies is currently asking a bankruptcy court judge for permission to hand out over two million dollars in "executive bonuses" designed to help motivate and retain "key" employees -- largely the same group of senior executives who ran the company into the ground. In total, the company expects to apply for nearly $6 million in total bonuses and incentives to various levels of employees.
The judge in the New Hampshire-based bankruptcy court overseeing the legal wrangle between Apple and its former sapphire production partner GT Advanced Technologies has signed off on a revised agreement between the two companies that is intended to stave off additional court proceedings that could tie up the matter for years, from creditors who were concerned that Apple was getting paid first. The new deal doesn't change the fundamental tenets of the agreement, but allows other creditors more funds from the first sales of GT Advance's furnaces.
More details on the collapse of the GT Advanced Technologies deal with Apple were made available today, as sources have reported that a letter sent by Apple to other creditors in the GT Advanced bankruptcy case reveals more details on why the partnership collapsed. Included in the letter were pictures of defective sapphire boules produced by GT Advanced, pointed to by Apple as the main reason the company went under -- it contracted to produce high-quality boules of the material, but simply couldn't produce enough usable product.