Apple Providing More Funding For II-VI
By Micah Maidenberg
Apple Inc. said the optical technology manufacturer II-VI Inc.
would receive another round of support from its advanced
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.
Apple said the latest round of funding for II-VI will support
more than 700 manufacturing jobs in the U.S.
Shares of II-VI were up 4.6% premarket.
"The partnership between Apple and II-VI sets the stage for a
new wave of breakthrough technologies," II-VI Chief Executive
Vincent Mattera Jr. said in a statement.
Write to Micah Maidenberg at email@example.com
(END) Dow Jones Newswires
May 05, 2021 08:38 ET (12:38 GMT)
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