FedEx Corp. (FDX) announced that its subsidiary, FedEx Express, agreed to purchase 19 additional B767-300 aircraft from Boeing Co. (BA) to continue to improve the efficiency and technology of the FedEx air fleet.
As part of the agreement, Boeing has agreed to convert four Boeing 777s -- two in fiscal 2016 and two in fiscal 2017 -- to 767 equivalent purchase value.
FedEx Express currently operates 19 long-range 777 freighters and now is committed to purchase an additional 24 777s.
The company said that the 19 767s will be delivered from fiscal 2015 to 2019 and replace current MD-10 and A310-200 aircraft. The impact to capital spending in fiscal 2013 and fiscal 2014 is immaterial, and estimated fiscal 2013 capital spending remains at $3.9 billion. The 767s are substantially more fuel efficient and reliable than the aircraft they will replace.
In June, FedEx announced the permanent retirement from service of 18 A310 aircraft and 26 related engines, as well as six MD10 aircraft and 17 related engines, bringing the total to 50 aircraft to be retired by the end of fiscal 2013.
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