Issue: 1134 Date: 5/17/2012
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Boeing Makes $6 Billion Deal with China Eastern Airlines for 777 Jets
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(May 5, 2012) China Eastern Airlines Co. is buying 20 Boeing 777 jets, while also selling five Airbus A340s to the U.S. plane maker. China Eastern signed last year a cargo deal with Lambert St. Louis-International Airport that floundered.
China Eastern Airlines Co. is buying 20 Boeing 777 jets worth nearly $6 billion, the Shanghai-based airline said Monday.
Also a part of the deal, the Asian airline company will selling five Airbus A340s to the U.S. plane maker because of high operating costs.
The airline said it's selling the Airbus A340-600 airplanes worth $708 million because they have high operating costs and "relatively weak route competitiveness."
The Airbus jets are a little more than years old, and fly routes to New York and Los Angeles.
China Eastern was a part of the China Hub deal at Lambert St. Louis-International Airport that deteriorated last year when the Missouri Legislature declined a proposed tax incentive package.
The new jets will be delivered in stages from 2014 to 2018. The airline will pay for them using working capital, bank loans and other sources of financing.
The 777 is a twin-engine plane designed for long trips. It carries 365 passengers up to 7,930 nautical miles.
The Airbus jets will be delivered to Boeing in stages from 2014 to 2015.
Boeing will more likely than not sell the airbuses to other companies.
This deal will not likely impact the Hazelwood-based Defense, Space and Security division that helped design Boeing𠏋 787 Dreamliner aircraft.
