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Bombardier clinches $1bn order from EgyptAir
14 November 2017, 07:56 | Cesar Cruz
Bombardier, EgyptAir strike deal for up to 24 C Series jets
The deal is likely to include a firm order for 12 CS300 jets, and could be announced as early as Tuesday at the Dubai Air Show, according to the report.
The EgyptAir LOI also includes purchasing options for a further 12 CSeries that, if exercised, would increase the total value of the deal to almost $2.2 billion.
Airbus agreed in October to take a majority stake in Bombardier's CSeries jetliner program, and has said any CSeries jets intended for the USA market would be built at its production facility in Alabama, potentially allowing the planes to avoid punitive duties.
The EgyptAir letter of intent and a deal for up to 31 planes announced November 2 with an undisclosed customer are expected to be firmed up by the end of the year. The aircraft had been plagued by delays and cost overruns, and recently was hit with 300 percent tariffs in the USA after a trade complaint by Boeing.
Bombardier CEO Alain Bellemare told analysts two weeks ago that he expected sales of the C Series would accelerate following the deal with Airbus. Shares rose 2.3 percent to C$3.13 at 10:02 a.m.in Toronto.
Bombardier has revealed that EgyptAir is planning to acquire up to 24 C-Series aeroplanes.
The CS300 carries a list price of $89.5m, although discounts of 50% or more are common in the industry. The C Series was two-and-a-half years late and more than $2bn over budget when it entered service at Deutsche Lufthansa's Swiss International unit in July 2016.
Bombardier and EgyptAir said they hoped to finalize the deal before the end of 2017, the statement added.
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