SEOUL, South Korea (AP) — Korean Air has announced a $50 billion deal to buy more than 100 Boeing aircraft and several spare engines and obtain engine maintenance for 20 years.
The deal was formalized at a signing ceremony Monday in Washington as South Korean President Lee Jae Myung met with President Donald Trump.
The deal includes $36.2 billion for 103 next-generation Boeing aircraft; $690 million for 19 spare engines from GE Aerospace and CFM International; and $13 billion for the 20-year engine maintenance service contract with GE Aerospace, Korean Air said in a statement.
“This deal is a strategic choice to strengthen Korean Air’s partnership with the U.S. aviation industry,” the Korean Air statement said. “This strategic investment in the U.S. market will further strengthen the airline’s operational capabilities and global competitiveness, and foster robust commercial ties that will drive sustained growth.”
It said the aircraft purchase order includes 20 Boeing 777-9s, 25 Boeing 787-10s, 50 Boeing 737-10s, and eight Boeing 777-8F freighters. The aircraft are scheduled for phased delivery through the end of 2030, according to the statement.
The signing ceremony was attended by Walter Cho, Chairman and CEO of Korean Air and Hanjin Group; Stephanie Pope, President and CEO of Boeing Commercial Airplanes; and Russell Stokes, President and CEO of Commercial Engines & Services at GE Aerospace, according to the Korean Air statement.