Korean Air to Acquire up to 30 Bombardier CSeries Aircraft
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PARIS, FRANCE, Jun 21 (MARKET WIRE) -- Bombardier Aerospace announced today that Korean Air, South Korea's flagship airline, has signed an agreement to acquire 10 Bombardier CS300 aircraft with an additional 10 options and 10 purchase rights on CS300 airliners. The parties signed a Letter of Intent (LOI) after several months of detailed negotiations. "This is our first CSeries aircraft customer in Asia and signals the aircraft program's entry into the fast growing Asia-Pacific market," said Gary R. Scott, President, Bombardier Commercial Aircraft. "Korean Air is one of the world's most prestigious airlines, and we are extremely proud that it has selected the CSeries aircraft to meet its route expansion requirements." "Our list of customers continues to grow and now covers the Asian, European and North American markets, a testament to the high value and operating flexibility of the CSeries aircraft program," added Mr. Scott. Bombardier and Korean Air made the announcement today at the Paris Air Show during a gathering at its CSeries pavilion hosted by Gary R. Scott, President, Bombardier Commercial Aircraft, alongside Walter Cho, Senior Vice President, Korean Air and in the presence of the Honourable Christian Paradis, Minister of Industry Canada. "The Government of Canada congratulates Bombardier Aerospace on the four CSeries aircraft sales announcements made this month," said Minister Paradis. "Canadian firms' ingenuity has been a driving force in our country's emergence from the global recession. Private sector innovation, such as the CSeries aircraft, is the key to moving our economy forward." Korean Air currently operates a fleet of 136 passenger and cargo jet aircraft to 112 cities in 39 countries. Designed for the growing 100- to 149-seat market, the CSeries family of aircraft combines advanced materials, leading-edge technology and proven methods to meet commercial airline requirements in 2013 and beyond. The CS300 aircraft will enter into service in 2014. Powered by Pratt & Whitney PW1521G engines, the CSeries aircraft family will offer a 15(i) per cent cash operating cost advantage and a 20(i) per cent fuel burn advantage; greatly reduced noise and emissions; as well as superior operational flexibility, exceptional airfield performance and a range of 2,950 nm (5,463 km). It will also provide passengers with three-plus-two, widebody-style seating in a single-aisle aircraft. In addition to the LOI for up to 30 CSeries aircraft announced today, Bombardier has booked firm orders for a total of 113 CSeries aircraft, including 51 CS100 and 62 CS300 aircraft. Customers that have firm orders for CSeries aircraft include Republic Airways (40 CS300 aircraft), Deutsche Lufthansa AG (30 CS100 aircraft), Lease Corporation International Group (17 CS300 and three CS100 aircraft), Braathens Aviation (five CS100 and five CS300 aircraft), a well-established, unidentified airline (three CS100 aircraft) and a major network carrier (10 CS100 aircraft). The CSeries aircraft program has also booked options for 109 aircraft. About Bombardier A world-leading manufacturer of innovative transportation solutions, from commercial aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended January 31, 2011, were $17.7 billion, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America indexes. News and information are available at www.bombardier.com or follow us on Twitter @BombardierInc. Notes to editors Photos of today's event and images of Korean Air CS300 aircraft are available in the press releases section at: www.bombardier.com. For additional images, video and product information on the CSeries aircraft, please visit: www.cseries.com. Follow @Bombardier_Aero on Twitter to receive the latest news and updates from Bombardier Aerospace. (i) The CSeries aircraft are in the design phase. All data and specifications are estimates, subject to change in family strategy, branding, capacity and performance during the design, manufacture and certification process. Performance has been estimated based on a 500-nm North American operating environment. Bombardier, CS100, CS300 and CSeries are trademarks of Bombardier Inc. or its subsidiaries. Contacts: Bombardier Aerospace John Arnone Office: +1-416-375-3030 Mobile: +1-416-820-8994 www.bombardier.com Copyright 2011, Market Wire, All rights reserved. -0-