| | | Apple to Provide $410 Million to Optical Technology Manufacturer II-VI
BY MT Newswires
08:29 AM EDT, 05/05/2021 (MT Newswires) -- Apple said Wednesday it will provide $410 million to II-VI, a manufacturer of optical technology, to help accelerate delivery of future components for iPhone.
The award, which follows an initial $390 million disbursement from the US tech giant's Advanced Manufacturing Fund in 2017, will also create 700 jobs in Sherman, Texas, Warren, N.J., Easton, Pa., and Champaign, Ill.
Apple's expanded partnership with II-VI is part of the company's plans to invest $430 billion and create 20,000 new jobs across the country over a five-year period.
The company on Wednesday said the $410 million award for II-VI will support the latter company's move to create additional capacity and deliver components for iPhones from facilities in Texas, New Jersey, Pennsylvania and Illinois.
II-VI earlier received $390 million from Apple's manufacturing fund, according to Apple. The technology giant established the $5 billion fund in 2017.
Based in Saxonburg, Penn., II-VI makes lasers that back features on the iPhone, including Face ID and selfies users take in portrait mode, according to Apple ( AAPL ).
Shares of II-VI were up 4.6% premarket. |
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