Apple (AAPL.US) will spend more than US$250 million to expand the Ang Mo Kio campus in Singapore.
The Zhitong Finance App learned that Apple (AAPL.US) will spend more than 250 million US dollars to expand the Ang Mo Kio Park in Singapore because the tech giant wants to diversify its supply chain in an increasingly tense trade situation.
Expansion work will begin later this year, when Apple will upgrade two buildings acquired in 2022, which are located near the company's existing offices. Apple CEO Tim Cook said in a statement: “Singapore is truly a unique place, and we're proud of the connections we've made to this vibrant community of creators, learners, and dreamers.”
Apple opened its first factory in Singapore in 1981, when 72 employees focused on the production of the Apple II. Since then, the company has employed more than 3,600 people there.
Prior to that, Apple spent the past 10 years investing in upgraded facilities and state-of-the-art laboratories, including expanding the space in its hardware technology center by 50% since 2019.
According to information, Cook visited Vietnam this Monday, and Apple immediately announced that it will increase investment in Vietnam's supply chain. On Tuesday, Cook arrived in the Indonesian capital Jakarta and said after meeting with Indonesian President Joko Widodo that Apple would consider setting up a manufacturing plant in Indonesia.
Apple is due to announce its second-fiscal quarter results on May 2. Analysts expect the company's revenue to be $90.6 billion and earnings per share of $1.51. This means that revenue will drop 4.47% year over year.