By Micah Maidenberg

 

Apple Inc. said the optical technology manufacturer II-VI Inc. would receive another round of support from its advanced manufacturing fund.

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 micah.maidenberg@wsj.com

 

(END) Dow Jones Newswires

May 05, 2021 08:38 ET (12:38 GMT)

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