Sapphire supplier GTAT accuses Apple of "stealing the column"
On November 8th, Daniel Squiller, chief operating officer of GT Advanced Technologies (hereinafter referred to as GTAT), an apple sapphire glass supplier, announced a supplementary document to expose GT and Apple to sign more details. Sculler said that the relationship between Apple and GT has been doomed from the beginning, and Apple has warned GT "don't be too naive."
Sculler published a document in October explaining the relationship between Apple and GTAT. The newly published document provides more details.
First, Apple should have been a GTAT customer, but the agreement signed by the two parties did not stipulate that Apple must become a GTATT customer, and Apple actually became its borrower.
Second, Apple and GTAT reached an agreement in the fall of 2013, and Squeelle said that Apple has implemented a "stealing strategy" in this process.
Third, Apple’s agreement with GTAT stipulates that GTAT cannot do business with any of Apple’s competitors. This should have been a reasonable request, because Apple obviously does not want to fund a manufacturer that may provide materials for competitors. But in the agreement again, Apple does not need to buy any sapphire products from GTAT.
Fourth, GTAT needs to make apple-sized sapphires, but Apple's specifications are constantly changing. Squier filed a complaint on October 8, and GTAT later announced that it would withdraw from the sapphire business. Squier said in the complaint that by October 8, GTAT lost $900 million due to an agreement with Apple. Before submitting a bankruptcy petition, GTAT has a market capitalization of approximately $1.5 billion.
From all the details, at least from the documents submitted by GTAT and Squier, Apple seems to impose these requirements on GTAT, rather than the latter's own choice. As Squeelle said: "The nature of the agreement with Apple has led us to have little time to find alternatives. GTAT has no choice but to compromise, accepting Apple's conditions. Apple uses its economic leverage to impose these requirements on GTAT, so that it actually Complete control of GTAT."
Sculler also said that Apple had suggested to GTAT management that they should not "wasted time" trying to negotiate with Apple. When the GTAT management expressed concern about Apple's terms during the negotiations, Apple said it signed a similar agreement with other suppliers and said that GTAT should "receive an agreement like an adult."
The terms of the agreement that make GTAT dissatisfied include: If the GTAT leaks any terms of the agreement with Apple, it will be fined $50 million. If GTAT fails to meet Apple's 30-day "exclusive window" rights before seeking to sell its assets, sapphire business or receiving third-party funding, GT will be fined $1 billion.
Apple also asked GTAT to establish a wholly-owned subsidiary, which Squele called "an artificial structure that is puzzling and has no economic purpose." Apple requires that GTAT be obliged to purchase and assemble the furnace. But the funds and furnaces will "flow" through GT Equipment. GT Equipment is known as the “Bankruptcy Segregation Entity†and can be used to sell and repurchase assets between GTAT and GT Equipment.
GTAT said: "This move actually allows Apple to dispose of all assets of GTAT and its subsidiary GT Equipment, which is another clause that Apple requires." So far, Apple has basically acquired GTAT ownership.
GTAT's newly published document does not describe the prospects for two business partners to establish a healthy relationship, which sounds more like Apple is trying to buy a supplier. But signing the agreement in this way may not bring any financial risk to Apple. Apple’s independent submission to the court stated: “There are a lot of statements about Apple in the Squile file, which Apple believes are untrue, irrelevant, and inflammatory.â€
Sculler published a document in October explaining the relationship between Apple and GTAT. The newly published document provides more details.
First, Apple should have been a GTAT customer, but the agreement signed by the two parties did not stipulate that Apple must become a GTATT customer, and Apple actually became its borrower.
Second, Apple and GTAT reached an agreement in the fall of 2013, and Squeelle said that Apple has implemented a "stealing strategy" in this process.
Third, Apple’s agreement with GTAT stipulates that GTAT cannot do business with any of Apple’s competitors. This should have been a reasonable request, because Apple obviously does not want to fund a manufacturer that may provide materials for competitors. But in the agreement again, Apple does not need to buy any sapphire products from GTAT.
Fourth, GTAT needs to make apple-sized sapphires, but Apple's specifications are constantly changing. Squier filed a complaint on October 8, and GTAT later announced that it would withdraw from the sapphire business. Squier said in the complaint that by October 8, GTAT lost $900 million due to an agreement with Apple. Before submitting a bankruptcy petition, GTAT has a market capitalization of approximately $1.5 billion.
From all the details, at least from the documents submitted by GTAT and Squier, Apple seems to impose these requirements on GTAT, rather than the latter's own choice. As Squeelle said: "The nature of the agreement with Apple has led us to have little time to find alternatives. GTAT has no choice but to compromise, accepting Apple's conditions. Apple uses its economic leverage to impose these requirements on GTAT, so that it actually Complete control of GTAT."
Sculler also said that Apple had suggested to GTAT management that they should not "wasted time" trying to negotiate with Apple. When the GTAT management expressed concern about Apple's terms during the negotiations, Apple said it signed a similar agreement with other suppliers and said that GTAT should "receive an agreement like an adult."
The terms of the agreement that make GTAT dissatisfied include: If the GTAT leaks any terms of the agreement with Apple, it will be fined $50 million. If GTAT fails to meet Apple's 30-day "exclusive window" rights before seeking to sell its assets, sapphire business or receiving third-party funding, GT will be fined $1 billion.
Apple also asked GTAT to establish a wholly-owned subsidiary, which Squele called "an artificial structure that is puzzling and has no economic purpose." Apple requires that GTAT be obliged to purchase and assemble the furnace. But the funds and furnaces will "flow" through GT Equipment. GT Equipment is known as the “Bankruptcy Segregation Entity†and can be used to sell and repurchase assets between GTAT and GT Equipment.
GTAT said: "This move actually allows Apple to dispose of all assets of GTAT and its subsidiary GT Equipment, which is another clause that Apple requires." So far, Apple has basically acquired GTAT ownership.
GTAT's newly published document does not describe the prospects for two business partners to establish a healthy relationship, which sounds more like Apple is trying to buy a supplier. But signing the agreement in this way may not bring any financial risk to Apple. Apple’s independent submission to the court stated: “There are a lot of statements about Apple in the Squile file, which Apple believes are untrue, irrelevant, and inflammatory.â€
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S/N
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Item
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Content
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1
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product type
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Modular 48V large-capacity energy storage power system
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Module model
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48V200Ah
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3
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Weight
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430kg
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System capacity
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200Ah*Parallel number(200~2000Ah)
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5
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Module dimension
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19-inch standard cabinet width, thickness 5U, depth 480
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Maximum continuous charge and discharge current
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0.75C
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Pedal models, seat bucket models, etc.
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IP rating
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Module IP20, system power box can be customized IP65
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10 years or 3000 cycles
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10
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Operating temperature range
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Temperature: -20~60℃ Humidity: ≤85%RH
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11
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product description
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The product is positioned as an energy storage power supply system, in accordance with the ultra-long storage/cycle life, modular design, can be connected in parallel according to the required system capacity, and can realize battery intelligent monitoring and
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certificate
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MSDS,ISO9001,CB,UN38.3
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