Apple announces $410 million award for II-VI
A multi-million investment by Apple could potentially fuel hundreds of jobs at a Sherman manufacturing plant. The tech giant announced Wednesday that it is investing $410 million investment in II-VI, parent company of Finisar, through its Advanced Manufacturing Program.
II-VI manufactures advanced laser technology that is used in many Apple iPhone products to help power Face ID, Memoji, Animoji and other applications. Through this partnership, Apple hopes to support up to 700 jobs in Texas, Pennsylvania, Illinois and New Jersey.
“The partnership between Apple and II-VI sets the stage for a new wave of breakthrough technologies that we believe will enable a wide range of applications that will benefit our world for decades to come,” II-VI CEO Vincent Mattera Jr. said in a press release. “We are incredibly grateful for Apple’s support which has allowed us to expand our manufacturing capacity and scale our operations across the US.”
The funding will be provided through the company's Advanced Manufacturing Fund, which was created in 2017. That same year, Apple announced it invest $390 million award Finisar and its laser technology. With this investment, the laser-producer announced plans in 2017to open a production plant in Sherman in what was the former MEMC site.
This second award is designed to build off of the 2017 investment, Apple officials said.
“We established Apple’s Advanced Manufacturing Fund to support American businesses creating next-generation technology and the jobs of tomorrow,” Apple COO Jeff Williams said in the press release. “II-VI shares our commitment to push the boundaries of innovation and we’re proud to be extending our work together across the country.”
The most-recent investment by Apple represents one part of the company's plan to invest $430 billion, and create 20,000 jobs,over the course of the next five years. This will include jobs in many sectors including silicon engineering, 5G technology and manufacturing.