Apple awards US$250mn funding to Corning Inc.
Technology giants, Apple, has announced it is awarding Corning Inc. – suppliers of precision glass – US$250mn from Apple’s Advanced Manufacturing Fund.
Glass for every generation of iPhone has been made by Corning, withthe latest fund invested by Apple building on the company’s previously received funding of US$200mn in May 2017. The combined investment – totalling US$450mn – supports research and development at the company and will provide state of the art glass processes, equipment and materials.
“Apple and Corning’s rich history dates back more than a decade, and our partnership revolutionized glass and transformed the technology industry with the first iPhone,” said Jeff Williams, Apple’s Chief Operating Officer. “This award underscores Apple and Corning’s shared belief in the vital role that ingenuity plays in creating industry-leading products, and the pride that both companies take in applying American innovation and advanced manufacturing to solve some of the world’s toughest technology challenges.”
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Apple’s Advanced Manufacturing Fund aims to foster and support innovative production as well as high-skill jobs to fuel a new era of technology-driven manufacturing in the US. Apple has committed to investing US$5bn into American companies, of which the company has currently invested US$1bn to date.
In addition to Apple’s investment of US$450mn into Corning, Apple has also recently announced that it will provide US$390mn into Finsiar and US$10mn into Elysis.
“We’re proud of what we’ve achieved through our collaboration with Apple, and excited by the new opportunities this additional investment creates,” said Wendell P. Weeks, Corning’s Chairman, Chief Executive Officer and President. “This Advanced Manufacturing Fund award will allow us to develop ground-breaking new glass innovations, while also expanding our manufacturing capabilities. Most importantly, our ongoing collaboration allows us to create vital new capabilities for end users and continue pushing the boundaries of what is possible well into the future.”
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Image source: Apple
