Korean Air strikes £37bn deal to buy over 100 Boeing aircraft

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Korean Air announced a $50bn (£37bn) deal to buy more than 100 Boeing aircraft and several spare engines and obtain engine maintenance for 20 years.

The deal was formalised at a signing ceremony in Washington on Monday as South Korean president Lee Jae Myung met with his US counterpart Donald Trump.

The deal includes $36.2bn (£26.9bn) for 103 next-generation Boeing aircraft, $690m (£513m) for 19 spare engines from GE Aerospace and CFM International, and $13bn (£9.6bn)for a 20-year engine maintenance service contract with GE Aerospace.

“This deal is a strategic choice to strengthen Korean Air’s partnership with the US aviation industry,” the Korean airline said in a statement.

“This strategic investment in the US market will further strengthen the airline’s operational capabilities and global competitiveness, and foster robust commercial ties that will drive sustained growth.”

File. Passengers wait to check in at a Korean Air counter at Gimpo airport in Seoul (AP)

The aircraft purchase order includes 20 Boeing 777-9s, 25 Boeing 787-10s, 50 Boeing 737-10s, and eight Boeing 777-8F freighters.

The new aircraft are scheduled for phased delivery through the end of 2030, according to the Korean Air statement.

The signing ceremony in Washington was attended by Walter Cho, chairman and CEO of Korean Air; Stephanie Pope, president and CEO of Boeing Commercial Airplanes; and Russell Stokes, president and CEO of Commercial Engines & Services at GE Aerospace, the statement said.