Sapphire material maker GT Advanced Technologies has won an important deal with Apple.
The iPhone maker has inked a contract with GT that will have the supplier producing sapphire-based materials at Apple's recently announced facility in Arizona. Apple will give GT $578 million in prepayment, which GT will reimburse to Apple over a period of five years, starting in 2015.
According to GT, Apple hasn't requested a certain production volume, but Apple has required that GT maintain "a minimum level of capacity." GT also says that the agreement will be financially beneficial to its operation.
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