South Korean President, Lee Jae Myung’s visit to Washington on Monday marked Korean Air’s largest-ever Boeing jet order.
At a formal signing ceremony between Lee Jae Myung and US President Donald Trump, the Korean air carrier announced a $50 billion deal that includes buying 103 Boeing aircraft, including a mix of 787s, 777s and 737 Boeing airplanes worth about $36.5 billion, GE spare engines and obtaining engine maintenance for 20 years.
“This deal is a strategic choice to strengthen Korean Air's partnership with the US aviation industry,” Korean Air said in a statement.
The deal includes $36.2 billion for 103 next-generation Boeing aircraft – including 20 Boeing 777-9s, 25 Boeing 787-10s, 50 Boeing 737-10s, and eight Boeing 777-8F freighters – which are scheduled for phased delivery through the end of 2030.
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Another $690 million will be spent on buying 19 spare engines from GE Aerospace and CFM International; and $13 billion are dedicated for the 20-year engine maintenance service contract with GE Aerospace, Korean Air 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,” the statement further said.
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 information shared by Korean Air.
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