In a latest development, Apple has decided to take a step forward to further enhance the reliability of its products by investing a chunk of $1 billion into American manufacturing projects. And true to its words, Apple has decided to invest $200 million in Corning.
Corning has been a long-time partner of Apple that supplies the special Gorilla Glass for its phones. According to Tim Cook, the CEO of Apple Inc., the investment budget comes from Apple’s Advanced Manufacturing Fund. The company stated:
“The investment fund will support Corning’s R&D, capital equipment needs, and state-of-the-art glass processing”Apple is now in the self-driving cars race
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In a statement by Jeff Williams, the chief operating officer of Apple Inc., he appreciated Corning by saying:
“Corning is a great example of a supplier that has continued to innovate, and they are one of Apple’s long-standing suppliers”
He further emphasized his point stating:
“This partnership started 10 years ago with the very first iPhone; and today every customer that buys an iPhone or iPad anywhere in the world touches glass that was developed in America. We’re extremely proud of our collaboration over the years. Furthermore, we are investing further with Corning, who has such a rich legacy of innovative manufacturing practices”
Numerous companies had been a target to Trump’s criticism. Apple had also been summoned in the campaign for overseas manufacturing for questioning about their new fund procedures followed by their investment in Corning. Trump’s victory has been a hard pill to swallow for companies under question. Higher import taxes are being demanded for which the companies are continuously scratching their heads to respond to Trump’s never ending threats.
Long-term bond between Corning and Apple
Going deep into Corning’s assets, the company does not seem to be in need of extra resources for their R&D, since it produced $2.5 billion through operations alone. Security filings further revealed that Corning generated another $3.7 billion through investments.
Daniel Collins (Corning’s spokesman), pointed out in his email that:
“We are collaborating with Apple to develop new glass production capabilities to meet the requirements of their next-generation mobile devices”
According to Daniel, further details about the setup haven’t been disclosed yet.
Corning’s chairman, CEO and president, Wendell P. Weeks stated that:
“Corning’s longstanding relationship with Apple has not only led to significant glass innovations that have enabled new capabilities for consumers, it has also helped create nearly 1,000 American jobs. Moreover, it also allowed us to continue growing and expanding in the U.S.”
In the Apple press release, he further supported his point that:
“This investment will ensure our plant in Harrodsburg remains a global center of excellence for glass technology”
According to Apple’s firm declaration that almost 2 million jobs in the U.S which also include 450,000 of the companies that are being supplied by its components. Following that, Apple also supports 9,000 domestic suppliers that received a share of $50 billion.