Apple Increasing $1B Fund for Advanced Manufacturing Jobs in USA to $5B

CEO Tim Cook has stated that Apple is going to invest even more so in the United States. He was proud to announce funding to help train for future jobs.

 

01/18/2018 From WSJ: “Apple Inc. said it would make a one-time tax payment of $38 billion to repatriate overseas cash holdings and also ramp up its spending in the U.S., as it seeks to emphasize its contributions to the U.S. economy after years of taking criticism for outsourcing manufacturing to China.”

Apple also announced 20,000 new jobs to add to the approx 83,000 current base.

Apple has committed to investing nearly $400 million into a laser company based in Sherman, Texas.

Apple announced in 2017 that it will invest $390 million into Finisar-– a company that manufactures laser technology.

Finisar’s manufacturing plant in Texas closed in 2012, but Apple’s investment will soon change all that.

The laser chip maker will use the money to get its plant up and running again and use the facility to make laser chips that power iPhone features such as Face ID, portrait photography, animoji.

Once refurbished, Finisar’s plant in Sherman, Texas will offer jobs for more than 500 high-skilled workers– including technicians and engineers.

Apple announced its $1 billion Advanced Manufacturing Fund back in May as a commitment to help American manufacturers innovate and create more jobs.

Finisar’s stocks jumped after Apple made the announcement.

The plant is expected to open in the second half of 2018.

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