Tags: ML | Egypt | Bombardier

EgyptAir to Buy 12 Bombardier Aircraft for $1.1 Billion

Tuesday, 14 Nov 2017 09:38 AM

CAIRO (AP) — Egypt's flagship state carrier EgyptAir has signed a letter of intent to order 12 Bombardier CS300 passenger aircraft for $1.1 billion.

The agreement, announced and signed at a ceremony Tuesday at the Dubai Airshow, also includes purchase rights for an additional 12 aircraft, which would double the value of the sale.

The U.S. Commerce Department has imposed harsh duties on Bombardier, charging the Canadian company of selling the C Series planes in America below cost and receiving government subsidies. In October, it said it would impose an 80 percent duty on top of duties of nearly 220 percent on the aircraft, a benefit for rival Boeing.

After the decision, Bombardier sold a majority stake in its C Series jet business to European aerospace giant Airbus for no cost.

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Egypt's flagship state carrier EgyptAir has signed a letter of intent to order 12 Bombardier CS300 passenger aircraft for $1.1 billion.The agreement, announced and signed at a ceremony Tuesday at the Dubai Airshow, also includes purchase rights for an additional 12...
ML,Egypt,Bombardier
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2017-38-14
Tuesday, 14 Nov 2017 09:38 AM
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