The company announced it had entered into a memorandum of understanding with European-based EV Group, which specializes in specialty bonding and material handling equipment. It also announced a partnership with an unnamed leading glass substrate producer to develop specially engineered substrate materials. Finally, the company announced it has acquired patent-pending technology for developing low-cost, scratch-resistant aluminum oxide coatings for substrates that include glass and plastics.
Furthermore, UBS found that GT's Arizona factory has begun production on minor amounts of sapphire for one of Apple's (AAPL) partners in China. UBS believes the factory is producing on schedule and expects the company to increase its full-year guidance for 2014 to the high end of the $600 million to $800 million range. The firm has a "buy" rating and $22 price target on GT.
Must Read: Warren Buffett's 10 Favorite Growth StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. The stock was up 6.08% to $17.62 at 1:01 p.m. STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.
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