EgyptAir signs deal with bombardier to buy 24 CSeries aircraft

Mae Love
November 14, 2017

Bombardier Inc. has signed a letter of intent to sell up to 24 CS300 aircraft to EgyptAir Holding Co.

Egyptair CEO Safwat Musallam said during a press conference at the Dubai Airshow that the order is part of the airline's fleet modernisation strategy. The deal is valued at $1.1 billion before discounts.

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.

Bombardier has faced a series of problems over the plane, most recently a trade dispute in the USA that imposed a 300% import tariff.

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Bombardier Chief Executive Officer Alain Bellemare told analysts two weeks ago that he expected sales of the C Series would accelerate following the deal with Airbus.

That same day, Montreal-based Bombardier said an unidentified European customer was planning to buy 31 C Series aircraft with options for 30 more.

The deal includes 12 additional aircraft with purchase rights.

Through its recent agreement with Airbus, Bombardier plans to get around swingeing US tariffs on imports of the C Series by constructing aircraft at Airbus' US factory.

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