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| GTAT > SEC Filings for GTAT > Form 8-K on 10-Jan-2013 | All Recent SEC Filings |
10-Jan-2013
Costs Associated with Exit or Disposal Activities, Change in Direct
On January 10, 2013, GT Advanced Technologies Inc. (the "Company") announced its plan to cease operations at its Hazelwood, Missouri facility (the "Hazelwood Facility"). The Company conducts certain of its HiCz™ development at this facility and plans to transition this activity to its Merrimack, New Hampshire facility. The idling of the Hazelwood Facility is part of the Company's effort to reduce costs and optimize its research and development activities. The idling of the Hazelwood Facility is expected to be completed on or before March 31, 2013. In connection with this action, the Company expects to terminate the employment of approximately 35 employees at the Hazelwood facility at various dates through March 31, 2013.
As a result of the planned idling of the Hazelwood Facility, the Company expects
to incur charges that are principally the result of: (i) lease exit costs and
(ii) non-cash impairment charges as a result of writing down certain assets
associated with the Hazelwood Facility. At the time of the filing of this
Current Report on Form 8-K, the Company is unable, in good faith, to make a
determination of the amount or estimated range of amounts of the foregoing
charges or the amount or range of amounts that that will result in future cash
expenditures as a result thereof. The Company expects to incur these charges in
the fourth quarter of fiscal 2012 and in fiscal 2013.
On January 10, 2013, the Company issued a press release announcing the planned idling of its Hazelwood Facility. The press release is attached hereto as Exhibit 99.1.
On January 10, 2013, the Company announced that the position held by David Gray, the Company's Chief Strategy and New Business Officer and a named executive officer, will be eliminated effective as of the close of business on January 25, 2013.
On January 10, 2013, the Company issued a press release announcing the elimination of Mr. Gray's position. The press release is also attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2. to Form 8-K, the information in Item 2.05 shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
On January 10, 2013, the Company issued a press release announcing the planned idling of its Hazelwood Facility. The press release is attached hereto as Exhibit 99.1 and is incorporated in this Item 7.01 by reference.
(d) Exhibits
99.1 Press release dated January 10, 2013 regarding the idling of the Hazelwood Facility and the elimination of Mr. Gray's position.
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