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Investing.com -- Apple (NASDAQ:AAPL) surged higher on Wednesday after the company confirmed an additional $100 billion investment in U.S. manufacturing, bringing its U.S. investment commitment to $600 billion over the next four years. Apple CEO Tim Cook will be at the White House later today, announcing the agreement with President Donald Trump.
“Today, we’re proud to increase our investments across the United States to $600 billion over four years and launch our new American Manufacturing Program,” Cook said. “This includes new and expanded work with 10 companies across America. They produce components that are used in Apple products sold all over the world, and we’re grateful to the President for his support.”
Shares of Apple closed up 5.1% on Wednesday following reports of the agreement.
With the announcement, Apple said it will significantly expand operations in Arizona, California, Iowa, Kentucky, Nevada, New York, North Carolina, Oregon, Texas, and Utah.
As part of that expansion, Apple announced that it has partnered with Corning (NYSE:GLW) to manufacture 100 percent of iPhone and Apple Watch cover glass in Kentucky. Apple is making a new $2.5 billion commitment as part of that effort.
In an interview with Fox Business earlier Wednesday, U.S. National Economic Council Director Kevin Hassett hinted at the new Apple agreement. White House officials later confirmed the deal.
The factory announcement comes amid the Trump administration’s ongoing efforts to boost domestic manufacturing.
A few years back, Cook made headlines by stating that manufacturing iPhones in the U.S. wasn’t feasible due to China’s superior manufacturing capabilities.
(Frank DeMatteo contributed to the article)