Apple (AAPL) To Invest $200M In Corning To Inspire Innovation
Zacks Investment Research | May 14, 2017 10:08PM ET
Apple Inc (NASDAQ:AAPL) announced that it will be investing $200 million in Corning Inc (NYSE:GLW) to help create better products.
Earlier this month, in an interview with CNBC, CEO Tim Cook had mentioned that the company is setting up Advanced Manufacturing Fund of $1 billion to endorse manufacturing jobs in the U.S. Investment in Corning is the first one made by Apple from this fund.
Per Tech Crunch, Corning was a “logical first choice”, given venerable collaboration of the two companies. Notably, Gorilla Glass, a staple in every smartphone nowadays, was an outcome of the Apple-Corning collaboration, the report further adds.
Apple’s COO Jeff Williams was quoted saying, “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 and we are investing further with Corning who has such a rich legacy of innovative manufacturing practices.” The two companies have created over 1000 jobs in the U.S over the last 10 years, spanning across manufacturing, commercial and research & development areas.
Apple has been subject to intense scrutiny by Donald Trump regarding the “manufacturing” issue.
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