Russian company Monocrystal, which was one of the world’s leading producers of synthetic sapphires used in the production of missiles and drones among other applications, is declaring bankruptcy.
Source: The Moscow Times
Details: The manufacturer, which is part of the Energomera concern, notified creditors of its intention to file for bankruptcy with the Arbitration Court of Russia’s Stavropol Krai.
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As recently as 2022, Monocrystal held a third of the global market for synthetic sapphires, which are used not only in the defence industry but also in the production of protective glass for smartphones and smartwatches.
The company now cites its own insolvency…