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Tuesday, 21 November 2017

Canadian Bombardier wins up to $2.2 bn CSeries orders from EgyptAir

AFP , Tuesday 14 Nov 2017
Bombardier CSeries
File Photo: A man takes a picture of a Bombardier CSeries aircraft during a news conference to announce a partnership between Airbus and Bombardier on the C Series aircraft programme. (Photo: Reuters)
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Canadian aircraft maker Bombardier said Tuesday it had agreed to sell up to 24 CSeries aircraft to EgyptAir for a total price tag of nearly $2.2 billion.

According to a letter of intent signed between both companies, the Egyptian carrier placed 12 firm orders for CS300 planes and took out purchase rights for another 12, Bombardier said in a statement released during the Dubai air show.

"We undertook a thorough evaluation process of our fleet and realised that the CS300 would fit perfectly into our business plans and growth strategy," EgyptAir CEO Safwat Musallam said in the statement.

Bombardier Commercial Aircraft President Fred Cromer said the deal "confirms the need for right-sized aircraft in the Middle East. We are confident that our small single-aisle CSeries is ideally-suited to serve the hot temperature environments of the region".

The deal is the second firm order for Bombardier aircraft since last month's announcement that European plane maker Airbus would take over Bombardier's CSeries programme.

The previous sale covered 31 aircraft for an unidentified European client.

Bombardier's single-aisle CSeries programme covers the 100 to 150-seat segment and is comprised of the CS100 model and the larger CS300.

EgyptAir, founded in 1932, is the oldest airline in the Middle East and Africa, and Egypt's national airline, flying to 70 destinations in 60 countries.

Bombardier in October ceded control of the CSeries to Airbus, abandoning hope of ascending into the top echelons of passenger aircraft manufacturing alongside rivals Airbus and Boeing, but securing US market access for its new jetliners.

The European aircraft manufacturer took a 50.1-percent stake in the CSeries programme in exchange for using its sales and marketing heft to lift CSeries sales.

The CSeries is the first new design in the 100 to 150-seat category in more than 25 years, and only recently started to roll off assembly lines.

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