Korean Air Cements $44.8B Deal for 103 Next-Gen Boeing Aircraft

Korean Air has finalized its $44.8 billion purchase plan to acquire 103 next-generation Boeing aircraft and related engine services from US companies. The deal includes $36.2 billion for Boeing aircraft and $8.6 billion for spare engines and maintenance services from GE Aerospace and CFM International.

The airline plans to modernize its fleet with more efficient next-generation aircraft, improve operational efficiency, and increase capacity while enhancing passenger service. It expects the new aircraft to improve fuel efficiency and reduce carbon emissions as the aviation industry moves towards lower-emission operations.

Korean Air said the investment is intended to prepare for medium- to long-term growth following its integration with Asiana Airlines. The airline will acquire 20 Boeing 777-9s, 25 Boeing 787-10s, 50 Boeing 737-10s, and eight Boeing 777-8F freighters under the Boeing agreement.

Korean Air also signed a 15-year engine maintenance agreement with GE Aerospace covering 28 aircraft. CFM International is a 50-50 joint venture between US-based GE Aerospace and France's Safran Aircraft Engines.