Tim Cook says Apple’s manufacturing expansion across the U.S. will create a ‘domino effect’

In an interview with CNBC’s Jim Cramer, CEO Tim Cook described Apple‘s dedication to bolster home manufacturing, suggesting the factories will carry extra companies to communities.

“We can’t be everywhere. I wish we could, but we are putting $600 billion to work in the next four years,” he stated. “And so it is an extraordinary commitment. And there’s 79 factories across the U.S. that will benefit from this.”

Cook informed Cramer Apple’s manufacturing facility buildout may encourage different firms to construct their very own factories in these communities, creating a “domino effect.” He additionally stated there will be “some surprises” for communities who don’t but know Apple will be bringing enterprise to their areas.

Cook emphasised in the interview his firm’s latest choice to take a position $2.5 billion to develop its partnership with Corning and its glass manufacturing facility in Kentucky. Apple beforehand has said Corning’s facility will present glass for all iPhones and Apple Watches. Cook informed Cramer the Corning investment is a “great start, and a very important one, because the glass is something you interface with all the time.”

In whole, Apple has pledged a staggering $600 billion to boost manufacturing in the U.S. over the subsequent 4 years. The iPhone maker additionally beforehand stated it might work with a variety of completely different firms to develop home semiconductor production, together with Taiwan Semiconductor, Texas Instruments and Applied Materials.

Cook additionally informed Cramer that Apple performs a position in serving to practice staff to work in these factories, mentioning the firm’s new “Manufacturing Academy” in Detroit. He indicated that Apple goals to assist small to medium-sized companies and share its curriculum with neighborhood faculties.

According to Cook, Apple shareholders usually are not protesting the firm’s colossal home manufacturing spend. He stated he thinks most really feel it is constructive that Apple is “investing in America.”

“I think most of our shareholders believe that we’re in the best position to, to make these type of decisions,” Cook stated. “I haven’t gotten a single complaint about the $600 billion.”

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Disclaimer The CNBC Investing Club owns shares of Apple.