Apple will provide the company Corning 250 million dollars
Apple said it will pay the company Corning $ 250 million. The funds will be taken from the Fund for the development of advanced manufacturing in the United States, which has 5 billion dollars.
Protective Corning supplies glass for smartphones Apple iPhone and Apple Watch. Since the release of the first iPhone in 2007, glass for these devices of all generations released on the Corning factory in Kentucky.
Apple and Corning did not disclose terms of the transaction. In the past Apple has signed a long-term scheduling agreement with its suppliers providing them with cash upfront, to guarantee the necessary delivery volumes and better prices. Supplier, in turn, receives capital for research and development or modernization of plants.
According to the estimates of Apple in 2018, she bought more than 9 000 American suppliers by $ 60 billion. The Fund for the development of advanced manufacturing in the United States was created in 2017 when the company has allocated 1 billion dollars. A year later the Fund was increased to $ 5 billion. In 2017, the company Corning has already received from Apple $ 200 million.