GT Advanced Technologies announced its decision to reduce the number of its workforce globally and to cut its operating expenses as part of its ongoing restructuring efforts.
According to the company, its planned workforce and operating expenses reduction will be approximately 40%. GT Advanced Technologies said all of its locations and business functions around the world will be affected.
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GT Advanced expected to emerge from bankruptcy in Q1 2016
GT Advanced Technologies disclosed in July that it was able to secure a $95 million debtor-in-possession term-loan facility. The company is now implementing the required steps to emerge successfully from Chapter 11 bankruptcy in the first quarter of 2016.
According to the company, its core technologies and product offerings serve as the foundation of its revised business plan including its ASF sapphire equipment business traditional polysilicon, and DSS solar PV business.
The commercialization of Merlin cell interconnect technology and the specialty sapphire materials business are also among its core technologies and product offerings.
GT advances to determine strategic importance of other businesses
GT Advanced Technologies is also taking steps to ensure that its solar PV product offerings are ready to capitalize on new demand for customers. The solar capita equipment business is expected to grow again over the next two years.
Furthermore, the company is evaluating its other business to identify its strategic important to its operations upon its successful exit from bankruptcy.
GT Advanced Technologies filed for Chapter 11 bankruptcy in October last year to be able to continue executing its business plan on a stronger footing, maintain business operations and improve its balance sheet.
Earlier this month, the board of directors of the company appointed David Keck, Executive Vice President and General Manager of the Polysilicon and Photovoltaic business, as its new Chief Executive Officer.
Mr. Keck replaced Tom Gutierrez, who retired as CEO and director of the company. He was previously based in Hong-Kong and served as Executive Vice President, Worldwide Sales and Services of GT Advanced Technologies. He joined the company in 2006. He has almost 20 years of experience in the design, operation, sales, marketing, and management of polysilicon facilities.
The stock of GT Advanced Technologies is $0.15 1 per share, up by101% on the OTC Markets today.