GT Advanced (GTAT) will cut ~70 jobs and record $13.4M in charges ($1.8M cash) as part of an effort to realign its manufacturing, engineering, and supply chain resources. Current headcount is ~1,100.
GT plans to move most of its sapphire fabrication work to its new Mesa, AZ facility (producing sapphire for Apple, and rapidly expanding), and to "outsource more routine, non-proprietary engineering functions to third parties on an as needed basis." The company also plans to discontinue its Kyropoulous (KY) sapphire growth program due to a limited market.
More details will be given on the Q2 CC, which is set for the morning of Aug. 5.
GTAT -0.9% premarket.