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GT Solar International Inc. (SOLR) Receives $460M Order for Sapphire Crystallization Technology

|Includes: IQVIA Holdings, Inc. (IQV)

GT Solar International Inc. provides polysilicon production technology worldwide. The company also produces sapphire and silicon crystalline growth systems, and today announced that it has received a $460.4 million order for its advanced sapphire crystallization furnaces.

The order, placed by a new player in the LED industry, not only represents GT’s largest single order to-date, but also reflects an important milestone for GT solar as it works to secure its leading position in the industry.

“Our customer is a well established, diversified manufacturing company located in China who is new to the LED industry. We are pleased that they have selected our advanced sapphire growth technology for their new sapphire production facility,” Tom Gutierrez, GT Solar’s president and CEO stated in the press release.

Analysts at Strategies Unlimited forecast revenue for LED applications to hit approximately $19 billion by 2015 – the growing market gives support to GT Solar’s manufacturing capacity expansion as it works to meet increased demand for high quality sapphire material.

“The market acceptance of our sapphire growth technology has been remarkable and it speaks to the confidence our customers have shown in our ability to help them build successful businesses that leverage our crystalline growth expertise and our global equipment installation and support resources,” Gutierrez stated.

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