This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

GT Advanced Technologies Acquires Thermal Technology LLC

NASHUA, N.H., May 16, 2013 (GLOBE NEWSWIRE) -- GT Advanced Technologies (Nasdaq:GTAT), today announced that it has acquired substantially all of the business of Thermal Technology LLC for purchase consideration consisting of approximately 3.4 million shares of GTAT common stock and an earn out. Located in Santa Rosa, CA, Thermal Technology develops and sells a wide range of high temperature thermal and vacuum products used in the fabrication of advanced materials that are deployed across multiple industries including smartphones and touch screens, LED, medical devices, oil and gas and automotive to name a few. Thermal Technology has delivered over 3,000 products to customers in over 40 countries since it was founded 60 years ago.

GT has acquired several key products and technologies that will allow GT to address new markets with a range of production equipment options that can be optimized around customers' specific needs. This includes annealing technology that the company believes will be important in the manufacturing of sapphire cover screens; crystal growth technology based on the Kyropoulous (KY) growth method and edge defined film growth (EFG) technology for large surface area sapphire. The company has also acquired Spark Plasma Sintering (SPS) technology, which allows dense ceramics to be obtained under uniform heating at relatively low temperatures and in short processing times. The SPS technology is expected to have a wide range of applications including with medical applications, sputtering targets, space applications and thermoelectric convertors for hybrid electric cars.

"The acquisition of the Thermal Technology business adds a number of innovative and important products and technologies to our rapidly diversifying portfolio that will, we believe, allow us to accelerate our entrance into new markets," said Tom Gutierrez, GT's president and CEO. "The acquisition expands our served markets and complements several of our current product lines. In areas such as sapphire crystal growth, we can now offer customers a wider range of product options best suited to their specific production environments. This will enable us to compete for incremental business in areas where we would have previously been unable to offer a product."

Stock quotes in this article: GTAT 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,442.25 +17.40 0.11%
S&P 500 1,867.58 +5.27 0.28%
NASDAQ 4,104.4270 +18.2020 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs