Washington: Korean Air Co. announced on Tuesday that it has entered into a US$50 billion agreement to acquire more than 100 new aircraft and spare engines from Boeing Co. and GE Aerospace, coinciding with President Lee Jae Myung's official visit to Washington.
According to Yonhap News Agency, this landmark deal, which marks the largest in Korean Air's history, expands on the airline's previous order placed in March for 50 Boeing jets and GE engines. The signing ceremonies in Washington were attended by Korean Air's CEO Cho Won-tae, along with Boeing Commercial Airplanes CEO Stephanie Pope and GE Aerospace Commercial Engines and Services CEO Russell Stokes.
The regulatory filing by Korean Air details the purchase of 103 aircraft, including 20 Boeing 777-9s, 25 Boeing 787-10s, 50 Boeing 737-10s, and eight 777-8 freighters, with an aggregate value of $36.2 billion. The deliveries of these aircraft are scheduled for completion by 2030.
Additionally, a separate $13.7 billion agreement with GE Aerospace involves the procurement of 19 spare engines and the attainment of long-term maintenance services for 28 engines over the next two decades. This strategic investment is aimed at stimulating growth ahead of Korean Air's planned merger with Asiana Airlines Inc. and enhancing Korea-U.S. cooperation in the aerospace sector.
A Korean Air official emphasized the airline's commitment to strengthening bilateral relations through continued U.S. investment, stating, "As a national flag carrier, we closely connect South Korea and the United States through passenger and cargo services."
Korean Air, established in 1969, embarked on its first regular cargo route to Los Angeles via Tokyo in 1971 and inaugurated a passenger route from Seoul to Los Angeles via Tokyo and Honolulu in 1972.