Korean Air on Monday announced an order for 103 Boeing Co (NYSE:BA) airplanes, its largest order ever, as South Korean President Lee Jae Myung met U.S. counterpart Donald Trump in Washington.
The order will consist of 20 777-9s, 25 787-10s, 50 737-10s, and eight 777-8 Freighters, which the Korean flag carrier said will “optimize fuel efficiency across (its) global network.”
Boeing and Korean Air confirmed the order in a joint statement on Monday evening, following a Reuters report on the matter earlier in the day.
Along with the Boeing order, Korean Air also entered a service agreement with GE Aerospace (NYSE:GE), whose engines will be in the Boeing planes.
The deals come as Lee met Trump in Washington as part of a summit to discuss more U.S.-Korea economic cooperation.
The Boeing order comes as South Korea vowed to increase its purchases of U.S. goods, in part to appease the Trump administration and stave off high tariffs. Seoul had signed a trade deal with Washington in late July.
Several other countries have also committed to buying more Boeing aircraft as part of trade deals with the United States. Chinese carrier Cathay Pacific Airways Limited (HK:0293) had earlier in August ordered 14 Boeing planes.
Source :
https://www.investing.com/news/stock-market-news/korean-air-orders-103-boeing-jets-as-president-lee-meets-trump-4209969
