A major business restructuring wasn't enough to get struggling GT Advanced (GTAT -0.9%) to close...

|About: GT Advanced Technologies, Inc. (GTATQ)|By:, SA News Editor

A major business restructuring wasn't enough to get struggling GT Advanced (GTAT -0.9%) to close higher today. The solar/LED equipment maker will now be run on functional lines (sales, R&D) rather than on the basis of business units. GT is also eliminating the position of chief strategy and new business officer, and is idling a St. Louis pilot manufacturing facility - the latter move is expected to save $15M/year. The company announced huge layoffs and a management shakeup in October.