Apple invests additional $250mn in supplier Corning for iPhone glasses

Apple on Tuesday invested an additional $250 million in Corning, a supplier of precision glass for iPhone, Apple Watch and iPad. The iPhone maker had invested $200 million from its Advanced Manufacturing Fund in Corning in May 2017.

So far, Apple has awarded over $1 billion from its Advanced Manufacturing Fund to the US companies.

"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," Jeff Williams, Apple's Chief Operating Officer, said in a statement.

"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," Williams added.

The investment supports Corning's research and development into state-of-the-art glass processes, equipment and materials integral to the delivery of next-generation consumer devices.

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Corning is one of Apple's 9,000 US suppliers across 50 states.

Glass for every generation of iPhone, including iPhone 11 and iPhone 11 Pro which will be available later this week, has been made at Corning's Harrodsburg, Kentucky plant.

Apple spent a collective $60 billion with 9,000 American suppliers in 2018, supporting 450,000 jobs in all 50 states and manufacturing locations in 36 states.

In addition to the $450 million now awarded to Corning, other commitments already announced include $390 million to Finisar and $10 million to the Elysis aluminum partnership.

"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.

Since iPhone launched in 2007, Apple has spent nearly $3 billion with Corning on the glass used in iPhone, Apple Watch and iPad.

Apple said it is on pace to create 20,000 new jobs and directly contribute $350 billion to the US economy by 2023, which the company announced in January 2018.

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