Apple Invests $390 Million in Laser Tech

Leigh Mccormick
December 15, 2017

The company announced in a press release on Wednesday that it is investing $390 million in laser chip maker Finisar.

Apple has drawn the money from its billion-dollar Advanced Manufacturing Fund, which is meant to support US-based high-tech manufacturers. With the opening of the Sherman plant, the company's payroll in Texas will be valued at roughly $65 million.

However, Finisar Corp clarified that Apple's funding was not a debt or equity investment in the company. These power numerous newer features Apple has introduced in the last few generations of iPhone, such as the proximity-sensing capabilities of AirPods and the True-Depth camera on the iPhone X. "We're extremely proud that our involvement will help transform another American community into a manufacturing powerhouse", Williams said.

Finisar is reopening a facility in Texas that Apple says will help create 500 new jobs. According to Apple, the cash infusion will help create 500 new high skill jobs at the manufacturing plant. The factory is expected to be up and running in the second half of 2018.

Finisar's shares, which rose as much as 30 percent on Apple's announcement, pared gains to trade up 22 percent following the clarification. Consistent with Apple's commitment to the environment, the company intends to procure enough renewable energy to cover all of its Apple manufacturing in the United States, the blog said.

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Apple announced the creation of the fund in May and plowed $200 million into Corning Inc., the maker of the Gorilla Glass that is used in Apple's touch-screens. "When you combine our proven ability to consistently manufacture exceptional products with our new state-of-the-art Sherman facility, we're confident we can achieve our shared goal of providing consumers with incredibly exciting features". Finisar has always been keenly aware it takes great people to power our work and thats why were thrilled to be adding Sherman to our family.”.

It's unclear where those facilities would be located or how many workers would be employed. Were thrilled that Finisar and Apple will be a part of the Sherman business community, ” said Sherman Mayor David Plyler. "The City of Sherman has invested significantly in improved infrastructure and amenities, and that's translated into an unparalleled quality of life".

"It's a little bit of a tough spot for them."A Samsung spokeswoman did not immediately reply to a request for comment."This is one more example of Apple continuing to verticalize their supply chain by taking control of components that are hard to get or they think are critically important and that they can differentiate on", said Bob O'Donnell of Technalysis Research".

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