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EgyptAir to buy 12 Bombardier aircraft for $1.1 billion

EgyptAir to buy 12 Bombardier aircraft for $1.1 billion

State-owned EgyptAir on Tuesday signed an initial order for 12 Bombardier CSeries jets, marking the Canadian plane maker's second deal for its largest planes this month - agreements that end an 18-month drought of no sales of the aircraft.

A firm-order contract would be valued at around $1.1 billion and is EgyptAir buys all 24 planes the contract value would increase to almost $2.2 billion.

"We selected the C Series aircraft because of its range which will allow us to better serve domestic and regional destinations, including neighbouring Arab cities, the Middle East as well as several European destinations".

Sensex down by 281 pts, 3-week-low
Nifty too closed below the psychological mark of 10,200, losing 38.35 points, settling on 10,186.60. The broader markets also traded in line with benchmarks, with the Nifty Midcap falling 0.2 percent.

The EgyptAir letter of intent and a deal for up to 31 planes announced November 2 with an undisclosed customer are expected to be firmed up by the end of the year.

A US trade commission will decide in early 2018 on whether to impose duties of almost 300 percent on the CSeries, after Boeing complained the planes had been subsidised and sold below cost in the United States. Bombardier hasn't sealed a major purchase since Delta Air Lines ordered 75 aircraft in April 2016. The CS300, larges of two versions made by the Montreal-based company has a list price of $89.5 million before discount. The CSeries was two-and-a-half years late and more than $2 billion over budget when it entered service at Deutsche Lufthansa AG's Swiss unit in July 2016. Airbus has also been in talks to secure a commitment from the carrier, the people said.

Colin Bole, Bombardier's senior vice president of commercial aircraft, said there were no particular conditions or terms that needed to be met to finalize the deals.


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