标题: GT’s Bankruptcy Filings--and Apple [打印本页] 作者: choi 时间: 10-14-2014 07:07 标题: GT’s Bankruptcy Filings--and Apple Tim Bradshaw, Apple’s Supplier-Deal Secrets on the Line; GT Advanced Technologies calls for details to be made public in bankruptcy filings. Financial Times, Oct 14, 2014. www.ft.com/cms/s/0/2fe3d93e-51ed-11e4-b55e-00144feab7de.html
(a) Excerpt in the window of print: The manufacturer called its supplier agreement with Apple ‘oppressive and burdensome’
(b) Quote:
"With the exact circumstances leading up to GT’s sudden filing for Chapter 11 bankruptcy protection unclear, other companies in Apple’s supply chain are watching the case with nervous interest.
"Though neither party [GT and Apple] would comment on what the synthetic sapphire would be used for, analysts concluded that it was probably destined to replace the hardened glass currently used in the iPhone’s screen. Since then, Apple has said its forthcoming Watch accessory will also come with a sapphire screen. * * * However, when the iPhone 6 was revealed last month without any mention of a sapphire screen, GT’s stock tumbled.
"While GT is looking to blame its deal with Apple for its financial difficulties, it already faces a class-action lawsuit from angry shareholders who claim that it 'misrepresented and/or concealed' its financial position, its ability to meet Apple’s requirements and its progress on manufacturing the sapphire.
"Under such pressure, few suppliers are able to achieve a higher profit margin than Apple itself, which reported gross margins of 39.4 per cent in its June quarter. Long-term partners have become accustomed to its unique processes, exacting requirements and demanding financial terms, in part because they have been able to ride on the back of Apple’s rapid growth.
"GT hopes that lifting the veil of secrecy that Apple has imposed will help its case in the bankruptcy courts.
"In filings on Friday, GT said that Apple’s non-disclosure agreements[, which suppliers are not even allowed to acknowledge,] 'provide that each breach of the confidentiality obligations will require GTAT Corp to pay liquidated damages to Apple in an amount of $50m per occurrence.'
My comment:
(a) Registration is required to read the report for free online.
(b) While the report is worthy, to get a peep on Apple’s relations with suppliers, there is no need to read the rest.