Corning Inc (NYSE:GLW) shares are rising in Wednesday’s after-hours session after the company announced an expanded partnership with Apple Inc (NASDAQ:AAPL) to make precision glass for Apple products.
GLW shares are trading near their 52-week high. See the chart here.
What To Know: Apple on Wednesday announced a new $100 billion commitment to increase investments in the U.S., bringing the company’s total commitment up to $600 billion.
As part of the expanded commitment, Apple announced a $2.5 billion investment to produce all of the cover glass for iPhones and Apple Watches in Corning’s manufacturing facility in Kentucky. The commitment ensures that 100% of cover glass for iPhones and Apple Watches will be made in the U.S.
“Corning is a storied American company, and we’re thrilled to work together to build the largest and most advanced production line ever created for smartphone glass,” said Tim Cook, CEO of Apple.
“Thanks to the power of American manufacturing, any customer anywhere in the world who buys a new iPhone or Apple Watch will be holding precision glass made right here in Kentucky.”
Apple also announced that it’s working with suppliers to accelerate manufacturing in the U.S. through a new American Manufacturing Program. Corning is listed as one of the first partners in the program. The company said GlobalWafers will use silicon from Corning to manufacture bare wafers in the U.S. for the first time.
“In that way, Corning also plays a key role in Apple’s supply chain for producing advanced silicon chips in America,” the company said.
Apple and Corning have had a partnership in place since the launch of the first iPhone in 2007.
GLW Price Action: Corning shares were up 5.31% in after-hours, trading at $67.38 at the time of publication on Wednesday, according to Benzinga Pro.
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