Korean Air finalizes purchase agreement for 103 Boeing aircraft, GE engines

Korean Air said Wednesday it has finalized agreements worth about 60 trillion won ($44.8 billion) to purchase 103 Boeing aircraft and engines from GE Aerospace and CFM International.

A signing ceremony was held in Seoul on Tuesday, attended by company executives and government officials from Korea and the United States, completing a procurement plan announced in Washington in August of last year.

The agreements include $36.2 billion for 103 Boeing aircraft — 20 777-9s, 25 787-10s, 50 737-10s and eight 777-8F freighters.

Korean Air also finalized agreements worth about $8.6 billion with GE Aerospace and CFM International for 21 spare engines and 15-year engine maintenance services covering 28 aircraft.

"Bringing our Washington agreements to the finish line today is a proud moment for Korean Air," said Walter Cho, CEO of Korean Air and chairman of Hanjin Group. "This is much more than a business deal. It is a testament to the trust and the unbreakable alliance between our two countries."

Korean Air said the investment will secure a stable, long-term fleet introduction schedule and support capacity growth following its planned integration with Asiana Airlines in December.

Yonhap