Aerospace and defense giant Boeing Co. (BA) said Thursday that GE Capital Aviation Services or GECAS, the commercial aircraft leasing and financing arm of General Electric Co. (GE), has finalized an order for 10 Boeing 787-10 Dreamliners. The order is valued at $2.9 billion at list prices.
Boeing noted that the finalized order completes the commitment originally announced during the 50th Paris International Air Show in June 2013. At the Air Show, GECAS committed an order for 10 787-10 Dreamliners equipped with state-of-art GEnx engines, subject to the 787-10 program launch.
On June 18, Boeing launched the 787-10 Dreamliner, the third member of the 787 family. Final assembly and flight test of the 787-10 are set to begin in 2017, with first delivery targeted for 2018. United Airlines (UAL) is the North American launch customer for the 787-10.
The aircraft can carry 300 to 330 passengers for up to 7,000 nautical miles or 12,964 kilometers, and accommodate more than 90 percent of the world's twin-aisle routes. To date, the 787-10 has accumulated 102 orders and commitments from five customers worldwide.
According to Boeing, the 787-10 is 25 percent more efficient than airplanes of its size and more than 10 percent better than anything being offered by the competition for the future.
The 787-10 will feature the 787 family's interior, which includes large, dimmable windows, cleaner air, higher humidity, lower cabin altitude, bigger stowage bins, soothing LED lighting and a smoother ride.
Norman Liu, president and CEO of GECAS said, "These airplanes are an excellent addition to our broad portfolio of modern, fuel-efficient aircraft. This order enables us to offer our airline customers an airplane with the lowest operating costs."
The latest order by GECAS for the 787-10s brings the total number of airplanes it has ordered from Boeing to 598 since 1995. This includes orders for the 737s, 747s, 757s, 767s, 777s and 787s. To date, GECAS has taken delivery of 451 Boeing airplanes.
GECAS has a fleet of over 1,670 owned and serviced aircraft with over 230 airlines. GECAS offers a wide range of aircraft types and financing options, and also provides productivity solutions such as spare engine leasing, airport and airline consulting services, and spare parts financing and management.
In a separate statement, Boeing said it welcomes German aviation group Deutsche Lufthansa AG's (DLAKF.PK, DLAKY.PK) selection of the 777-9X for its future long-haul fleet. The launch of the 777X family is targeted for later this year and entry into service around the end of the decade.
Earlier in the day, Lufthansa said its supervisory board has approved the purchase of 59 aircraft for the Group at its meeting on Wednesday. The purchase will comprise 34 Boeing 777-9X and 25 Airbus A350-900 aircraft, which will be added to the Lufthansa Group's wide-body fleet.
In Thursday's regular trading session, BA is trading at $119.07, up $0.67 or 0.57 percent on a volume of 49,104 shares.
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