Korean Air is finalizing the last details of an agreement to purchase 40 wide-body aircraft from Boeing, according to South Korea’s Minister of Industry, following a diplomatic visit to the United States. The deal is valued at $32.7 billion and includes aircraft from the American manufacturer as well as GE Aerospace engines.
The negotiations took place on March 21 in Washington, D.C., with the participation of Cho Won-tae, Chairman of the Hanjin Group; Kelly Ortberg, President and CEO of Boeing; and Russell Stokes, President and CEO of GE Aerospace Commercial Engines & Services.
Korean Air decided to expedite the implementation of the Memorandum of Understanding (MOU) signed with Boeing at the Farnborough International Airshow in the United Kingdom in July 2024. The agreement calls for the delivery of 20 Boeing 777-9 and 20 Boeing 787-10 aircraft before 2033, with an option to purchase 10 additional aircraft under similar conditions in the future.
Additionally, the three companies agreed on the purchase of eight spare engines from GE, plus two optional engines. They also signed a maintenance services agreement for GE9X engines, which will power the Boeing 777-9s, to reinforce manufacturer support for both aircraft and engines.
The total value of the cooperation between the three companies is $24.9 billion for the aircraft and $7.8 billion for spare engines and engine overhaul services, amounting to a total of $32.7 billion (approximately ₩47.97 trillion KRW at the exchange rate of March 21).
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