Apple Awards Corning First Advanced Manufacturing Fund Investment

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Apple today announced that Corning, the makers of Gorilla Glass, will be the first major benefactor of its $1 billion Advanced Manufacturing Fund, which was announced by Apple CEO Tim Cook earlier this month.

Corning is a long-time Apple Supplier, and its Gorilla Glass products have been used in the iPhone and the iPad for several years. Corning Incorporated will receive $200 million from Apple's new fund, which aims to foster innovation among American manufacturers and lead to more U.S. jobs. The investment will support Corning's research and development, capital equipment needs and state-of-the-art glass processing, according to Apple's press release.


"Corning is a great example of a supplier that has continued to innovate and they are one of Apple's long-standing suppliers," said Jeff Williams, Apple's chief operating officer. "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."
Apple said Corning's 65-year-old Harrodsburg facility in Kentucky has been integral to the 10-year collaboration between the two companies and will be the focus of its investment.
"Corning's longstanding relationship with Apple has not only led to significant glass innovations that have enabled new capabilities for consumers, it has also helped create nearly 1,000 American jobs and allowed us to continue growing and expanding in the US," said Wendell P. Weeks, Corning's chairman, chief executive officer and president. "This investment will ensure our plant in Harrodsburg remains a global center of excellence for glass technology."
Since the founding of Gorilla Glass in 2007, the partnership has created and sustained nearly 1,000 U.S. jobs across Corning's R&D, manufacturing and commercial functions, according to Apple, including over 400 in Harrodsburg. Corning is said to have procured enough renewable energy to cover all of its Apple manufacturing in the U.S.

Article Link: Apple Awards Corning First Advanced Manufacturing Fund Investment
 

gnasher729

macrumors P6
Nov 25, 2005
17,123
4,146
That's quick. Usually you have a big announcement, and then nothing happens for ages, and then everything forgets about it, and still nothing happens. In this case, Apple promised to invest $1bn, and now they've done the first 20% of that plan already. Good job.
 

NT1440

macrumors G5
May 18, 2008
12,365
15,534
Hopefully people will finally understand that the Ion Glass Apple uses is just Gorilla Glass and stop doing stupid comparisons between 2 identical products
It's not "just" Gorilla Glass, because Gorilla glass is a spectrum of glass products tuned to a given OEM's requirements (in this case the ion bath for surface tension is what makes it the Ion-x branding Apple uses). "Just" Gorilla glass leaves one with the impression that it's all one monolithic product when Gorilla Glass is technically the umbrella brand name that Corning uses.
 

dmunz

macrumors regular
Aug 24, 2010
175
44
That's quick. Usually you have a big announcement, and then nothing happens for ages, and then everything forgets about it, and still nothing happens. In this case, Apple promised to invest $1bn, and now they've done the first 20% of that plan already. Good job.
As both a user and shareholder I think this is great news.

To gnasher's comment, speed is exactly the point of this fund. Let's pump the money out and make things happen. It is also, peripherally, designed to promote work in the US. Corning probably has boxes of money but they aren't going to just ramp up and hire. However, if they can use Apple's money it changes the maths.

The other motivator here is to show the US government that Apple is willing to invest inside the border and push them to allow repatriation of money held overseas at more favorable tax rates. (So this is marketing as well as production...)

FWIW
DLM
 
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citysnaps

macrumors 603
Oct 10, 2011
6,255
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San Francisco
I wish Corning a better fate than GT advanced
There is nothing to worry about. Apple and Corning have been working together for 10 years. Corning, a highly respected company in business since the 1850s, is old school with demonstrated expertise over a wide range of technologies developed over the years. It was Corning who manufactured the 200 inch telescope mirror at the Palomar Observatory in the 1930s.

GT Advanced overpromised and underdelivered. Corning, employing more that 30,000 people and with revenue around $9 billion, and GT Advanced, could not be more different.
 
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Return Zero

macrumors 6502a
Oct 2, 2013
822
1,969
Kentucky
This is great news. Corning is a solid company that has proven itself over the years. I live very close to Harrodsburg and have several friends who work at the facility there. While $200M may not sound like a lot in the grand scheme of things, it will be a big shot in the arm to our relatively small (but growing) community. Hopefully it will mean a few more jobs and a lot more R&D to make better stuff!
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Corning needs the investment??? It's not like they're some new startup.
This isn't a venture capital fund. It's an advanced manufacturing fund. Corning is well-deserving of this investment and will almost certainly be able to provide better products because of it. Don't be fooled; Apple isn't exactly playing the risk game with their money here. They are simply doing what's in their best interest (it happens to be a win-win here).
 

Sasparilla

macrumors 65816
Jul 6, 2012
1,481
2,341
Nice to see this.

>> Corning is a long-time Apple Supplier, and its Gorilla Glass products have been used in the iPhone and the iPad for several years. <<

Corning has been there since the original iPhone, which was supposed to have had a plastic display until Apple leadership (Jobs is pointed to here, but of course someone else may have pointed him to it) at the time saw what car keys would do to it in a pocket during normal use, setting off a scramble for something better but still deliver the phone on time - Corning delivered.

Corning needs the investment??? It's not like they're some new startup.
The scale of production needs Apple requires of its suppliers is unreal (massively large) and Apple often fronts them money to get their production infrastructure up, scaled and ready sooner than they would be able to otherwise (or push the technology along), Apple gets benefits from this making it worth while to both companies.
 
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