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GT Advanced settles with Apple, to exit sapphire production

Oct 23 (Reuters) - GT Advanced Technologies Inc said it reached an agreement with Apple Inc, under which GT will exit sapphire materials production.

GT will shut down its factories in Mesa, Arizona and Salem, Massachusetts, the company said in a statement on Thursday.

Under the terms of the agreement, GT will be released from all exclusivity obligations with Apple and a mechanism will be provided for the iPhone maker to recover its $439 million pre-payment to GT, without interest.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)