Apple Picks Corning Kentucky For Manufacturing Investment
Apple (NASDAQ:AAPL) has picked Corning (NYSE:GLW) as the first company to get an investment from its new $1 billion manufacturing fund. The maker of gorilla glass, among other products, will get $200M from Apple's new fund to invest in U.S. companies that do advanced manufacturing.
Corning, which makes break-resistant glass for phones and tablets, has been an Apple supplier for at least 10 years, starting with the first iPhone. The investment will be in the Harrodsburg, KY plant. “This investment will ensure our plant in Harrodsburg remains a global center of excellence for glass technology” said said Wendell P. Weeks, Corning’s chairman, chief executive officer and president in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 237.33 | +2.40 | +1.02% |
| GLW | CORNING INC. | 48.67 | +0.45 | +0.93% |
Apple CEO Tim Cook, like many of his U.S. counterparts including Ford (NYSE:F) and Boeing (NYSE:BA), have received sharp criticisim from President Donald Trump for manufacturing products overseas. That pressure is resonating with corporate America as many companies dial back plans for overseas plants. Carrier, a unit of United Technologies (NYSE:UTX), was among the first to make commitments to creating U.S. jobs under the new administration.
In the U.S., Apple now supports 2 million jobs across all 50 states, including 450,000 jobs attributable to Apple’s spend and investment with U.S.-based suppliers. Last year alone, Apple spent over $50 billion with more than 9,000 domestic suppliers and manufacturers.
As the world’s most valuable company, Apple has a record amount of cash $257 billion, as of the most recent quarter with 93% of it sitting overseas.