Apple Invests $200 Million in Gorilla Glass-Maker Corning

2017-05-15 1096 Posted by 3uTools

Apple Inc. chose Corning as the recipient of the first investment from its Advanced Manufacturing Fund, giving $200 million to the maker of glass used in iPhone and iPad screens.

Corning Inc., a longtime Apple partner, will use the cash on equipment and glass-processing technology mainly at its Harrodsburg, Kentucky, facility that developed the protective Gorilla Glass used on smartphones, Apple said in a statement Friday. Some of the money will also go toward research and development costs. Corning’s partnership with Apple started 10 years ago with the first iPhone.

Apple Invests $200 Million in Gorilla Glass-Maker Corning

Apple Chief Executive Officer Tim Cook said in May that the company planned to invest at least $1 billion to back advanced manufacturing companies in the U.S. and help create jobs in the industry. President Donald Trump has been a vocal critic of American companies -- and Apple in particular -- that outsource production to non-U.S. manufacturers.

Apple said it now supports 2 million jobs in the U.S. and that the Corning relationship has helped create about 1,000.

Source: bloomberg

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