Apple announced a new multiyear agreement with Broadcom valued at more than $30 billion to design and produce custom silicon components and wireless connectivity technologies for Apple products, according to a press release from the company.

The deal is expected to result in the production of more than 15 billion U.S.-made chips. As part of the agreement, Broadcom will invest $1.5 billion in capital expenditure to expand and modernize its manufacturing facility in Fort Collins, Colorado, where it will produce radio frequency components, including FBAR filters, and wireless connectivity technologies.

Apple described the deal as its largest commitment under its American Manufacturing Program (AMP), which the company launched last year. Apple said the agreement will support hundreds of American jobs.

"Apple and Broadcom have a long history together, and this new phase of our partnership further accelerates our commitment to American manufacturing and innovation," said Tim Cook, Apple's CEO.

Broadcom President and CEO Hock Tan said the company is "pleased to expand our manufacturing footprint in Fort Collins, where we create groundbreaking technology that connects people around the world."

Apple stated the investment is part of a broader commitment to invest $600 billion in the U.S. economy over four years.