Apple Makes Huge Investment In Corning

(RTTNews) - Apple Inc. (AAPL) Friday announced that it has selected Corning Inc. (GLW) to receive $200 million from the tech giant's new Advanced Manufacturing Fund.

The investment will help Corning's R&D, capital equipment needs and state-of-the-art glass processing.

"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."

Corning is one of the major supplier for the iPhone maker, supplying toughened glass known as Gorilla Glass since the very first iPhone.

Apple has committed to invest at least $1 billion with US-based companies as part of the fund, which is designed to foster innovative production and highly skilled jobs that will help lay the foundation for a new era of technology-driven manufacturing in the US.