12:03 PM, May 12, 2017 — Apple (AAPL) said on Friday that it will invest $200 million into long-time supplier Corning (GLW), a specialty glass and ceramics manufacturer, from a new $1 billion fund it has set up to help support manufacturing in the US.
This is the first investment from Apple’s advanced manufacturing fund, created earlier this month, which aims to foster the development of new technologies and processes among US-based manufacturers and to create highly skilled jobs.
The investment will be made in Corning’s 65-year-old Harrodsburg, Kentucky facility, and will support Corning’s research and development as well as capital equipment needs and glass processing, Apple said. Apple and Corning have been working together since the latter supplied glass for the first iPhone 10 years ago.
Tim Cook, Apple’s chief executive, said earlier this month when unveiling the $1 billion fund that the impact of the investments would be far-reaching in creating US jobs.
“By doing that, we can be the ripple in the pond,” Cook told CNBC in an interview earlier this month. “Because if we can create many manufacturing jobs around, those manufacturing jobs create more jobs around them because you have a service industry that builds up around them.”
Apple now supports 2 million jobs across the US, including 450,000 jobs attributable to Apple’s spend and investment with US-based suppliers. Last year, the company said that it ordered goods worth $50 billion from more than 9,000 domestic suppliers and manufacturers.
The plan is also in line with one of the main campaign pledges put forward by US President Donald Trump, which was to bring back manufacturing jobs to the US from abroad.
Companies: Apple Inc.
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