Apple Inks New Multi-Year Deal Worth Over $30 Bln With Broadcom

(RTTNews) - Wednesday, Apple Inc. (AAPL) announced a new multi-year deal with Broadcom Inc. (AVGO) to design and produce custom silicon components and cutting-edge wireless connectivity technologies for a wide range of Apple products.

The new agreement, valued at over $30 billion, is expected to produce more than 15 billion U.S.-made chips and support hundreds of jobs for Americans.

The deal will also enable Broadcom to expand and modernize its manufacturing facilities in Fort Collins, Colorado, with a $1.5 billion capital expenditure investment.

"The cutting-edge components built in Fort Collins are essential to delivering the incredible performance and connectivity our customers expect, and we're proud to deepen our investments in U.S.-based suppliers that share our commitment to excellence and innovation," Apple CEO Tim Cook said.

In the pre-market hours, AAPL is trading at $309.43, down 0.38 percent on the Nasdaq.