GT Solar (SOLR) Announces First Orders For LED Production Equipment Totaling $84 Million

Less than six months ago GT Solar (SOLR) made a key purchase of Crystal Systems that has allowed them to move from strictly offering solar manufacturing equipment to LED manufacturing equipment as well.  It’s already paying off.  The company has announced that it received its first orders totaling $84 million for its sapphire crystalization systems used for LED production.

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“GT Solar is pleased that both Jiangsu Jixing New Material Co., Ltd and Jiujiang Sapphire Tech Co., Ltd, affiliates of two highly valued long term PV customers, have selected our sapphire crystallization equipment for their new production facilities,” said Tom Gutierrez, president and CEO of GT Solar. “The response to our sapphire equipment strategy from customers has been very positive and we are pleased to be able to announce our first orders. We continue to talk with other potential customers in the Asia region for our sapphire crystallization systems and believe we are on track to meet our projected $100 million in revenue in our FY12 from sapphire crystallization equipment sales.”

Shares of GT Solar have taken a beating in recent weeks, pulling back all the way to its 200 day moving average yesterday.  In my opinion, this pull back offers a tremendous opportunity to get in on a high quality company expected to profit handsomely from the LED boom in the coming years.  The stock is up over 10% today. 

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