GT Advanced Acquires Thermal Technology to Make Sapphire Screens
GT Advanced Technologies Inc. (GTAT), a U.S. supplier of manufacturing equipment for solar and energy-efficient lighting products, acquired Thermal Technology LLC in a deal that values the supplier of high-temperature furnaces at more than $14.7 million.
GT Advanced provided 3.4 million shares of common stock and agreed to pay an unspecified amount in the future, the Nashua, New Hampshire-based company said in a statement today. Jeff Nestel-Patt, a company spokesman, declined to provide additional information until a conference call tomorrow at 8 a.m. New York time.
GT Advanced rose 3.1 percent to $4.31 at the close in New York, the highest since Nov. 2. The acquisition will add about $9 million to $14 million in sales this year.
Closely held Thermal Technology, based in Santa Rosa, California, makes high-temperature thermal and vacuum systems that GT Advanced will use to make products including sapphire cover screens for touch-sensitive electronic devices.
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