Bombardier lands $1.1 billion EgyptAir deal

Bloomberg

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MONTREAL-Bombardier Inc. said its deal with Airbus has yet to ignite new sales discussions, but existing efforts have yielded results as the manufacturer announced a potential order with Africa's largest airline.

It represents another shot in the arm for Bombardier, which last month signed an agreement with Airbus to take a majority stake in its aircraft programme as it faced the prospect of punishing USA tariffs.

EgyptAir, the flag carrier airline of Egypt, has signed a letter of intent for buying 24 CSeries aircraft from the Canadian aircraft maker Bombardier for a total price of almost 2.2 US billion dollars, EgyptAir said in a statement on Tuesday. "That will take our firm order book to over 400 airplanes".

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The agreement will see EgyptAir buy at least 12 of the CS300 passenger jets, with options to buy a further 12. The deal is valued at $1.1 billion based on list prices.

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.

"We are respecting the customer's wishes to not disclose the identity", Cromer said from Dubai.

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EgyptAir chairman and CEO Safwat Musallam said the planes will help the airline to modernize its fleet.

Bole said, "I think it's a great template and it's something that will be followed extremely closely by the other carriers in the region", he said.

The total order would be valued at almost $2.2 billion, Bombardier said, at current list prices.

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Bombardier is engaged in a trade dispute with Boeing, which complained that the CSeries had been subsidized and sold below cost in the United States.

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