Apple chooses the first recipient of its $1 billion manufacturing fund

Key Points
  • Apple awards Corning the tech giant's first Advanced Manufacturing Fund investment.
  • The money will support Corning's R&D and capital equipment needs.
  • Apple committed to investing $1 billion with U.S.-based companies.
Apple has chosen the first recipient of its $1 billion manufacturing fund
Apple has chosen the first recipient of its $1 billion manufacturing fund

Apple said Friday that Corning will receive $200 million from its Advanced Manufacturing Fund to promote technology-driven manufacturing jobs in the United States.

The announcement came a week after Apple CEO Tim Cook told CNBC's Jim Cramer in an exclusive interview about the $1 billion fund to spur jobs. (Read the full interview here.) Corning is the first recipient of the fund.

The fund is the tech giant's latest effort to show how it is creating jobs as President Donald Trump pressures American companies to hire U.S. workers.

Apple said the investment will support Corning's research and development, capital equipment needs and glass processing. Corning has manufactured touchscreens for Apple's iPhones.

"Corning is a great example of a supplier that has continued to innovate and they are one of Apple's long-standing suppliers," Apple Chief Operating Officer Jeff Williams said in a statement.

"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," he said. "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."