$5.5 billion sale solidifies Boeing’s dominance in wide-body air market
Boeing Co. recorded one of its biggest orders this year when Korean Air Co. said it would buy 25 passenger planes worth $5.5 billion, the biggest order in the history of that country.
Boeing so far this year has sold 847 planes, extending its lead over its
European rival, Airbus. The later had only 508 orders at the end of last month.
“Boeing shares rose 85 cents $89.88 on the New York Stock Exchange, after hitting an all-time high of $90.15,” reported Reuters, which added:
“The Chicago-based company is staging a dramatic comeback after being beaten by Airbus for the past five years. This year, it is dominating the lucrative market for wide-body.”
Airbus continues to struggle with an array of design and production problems on its commercial jets, according to news reports.
Korean Air, the world’s biggest air cargo carrier last year according to Reuters, said in a statement it agreed to buy 15 passenger aircraft and 10 freighters from Boeing to replace its aging fleet.
“The purchase forms a key component in Korean Air’s Strategy of global expansion,” the company said in a statement. “The airline aims to maintain its title as the world’s number one commercial cargo carrier (among passenger airlines).”
Korean Air said its goal was also to become one of the world’s top 10 passenger carriers by 2010.
The new planes will enhance “efficiency through modernization of the fleet and reduction in fuel and operational costs,” the airline added.
Report by David Wilkening
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