Braidy Industries Inc. says the 2.5 million-square-foot facility in Greenup County, Kentucky, will produce 370,000 tons of aluminum for the automotive and aerospace industries, two of Kentucky's largest manufacturing sectors. Corning has manufactured touchscreens for Apple's iPhones.
With $800 million remaining in its fund, Apple has several other US -based companies to choose from for its next investment. According to a statement from Apple, the funds will go towards Corning's research and development, glass processing, and equipment. The companies say their partnership has sustained 1,000 jobs, including 400 in Harrodsburg.
The glass supplier Corning Incorporated (NYSE:GLW) will get $200 million from Apple's new fund to invest in USA companies that do advanced manufacturing. Last year, Apple spent more than $50 billion with more than 9,000 United States suppliers and manufacturers.
Corning has been supplying Apple with glass ever since the introduction of the iPhone 10 years ago.
Most of the $200 million will be invested in Harroldsburg, Kentucky, where Corning has been manufacturing glass for the past 65 years. "We're extremely proud of our collaboration over the years and we are investing further with Corning [which] has such a rich legacy of innovative manufacturing practices". Apple and Corning have had a business relationship since the iPhone was first released, and Apple has furthered this relationship by giving Corning this injection of capital to further its R&D budget, assisting with the capital necessary to support continued innovation Apple has sought from Corning over time.
Corning, which makes break-resistant glass for phones and tablets, has been a long-time Apple supplier. Corning's Harrodburg facility is the focus of this investment, with Corning CEO Wendell P. Weeks saying that the investment will ensure the plant "remains a global center of excellence for glass technology".
Apple and Corning have a longstanding relationship, with Corning making glass for the iPhone and iPad since the beginning.