EgyptAir, Bombardier sign letter of intent for CSeries jets

EgyptAir, Bombardier sign letter of intent for CSeries jets

The value of the agreement would increase to almost $2.2 billion if options to acquire a further 12 CS300s are exercised, the statement said.

EgyptAir Airlines Co. plans to buy 12 of Bombardier's biggest variant of the jet the CS300, and has options for a further 12, the carrier said Tuesday at the Dubai Air Show.

Bombardier and EgyptAir said they hoped to finalize the deal before the end of 2017, the statement added. "We are confident that our small single-aisle C Series is ideally-suited to serve the hot temperature environments of the region".

The agreement, announced and signed at a ceremony November 14 at the Dubai Airshow, also includes purchase rights for an additional 12 aircraft, which would double the value of the sale.

The previous sale covered 31 aircraft for an unidentified European client.

The purchase gives Bombardier another customer for its new jet less than a month after the company agreed to cede control of the C Series to Airbus in exchange for the European planemaker's marketing heft and manufacturing expertise.

The LOI was signed by Safwat Musallam, Chairman and CEO of EgyptAir Holding Company, and Fred Cromer, President, Bombardier Commercial Aircraft, in the presence of the Minister of Civil Aviation of Egypt, Sherif Fathi.

Bombardier in October ceded control of the CSeries to Airbus, abandoning hope of ascending into the top echelons of passenger aircraft manufacturing alongside rivals Airbus and Boeing, but securing USA market access for its new jetliners.

It represents another shot in the arm for Bombardier, which last month signed an agreement with Airbus to take a majority stake in its aircraft programme as it faced the prospect of punishing United States tariffs.

The CSeries is the first new design in the 100 to 150- seat category in more than 25 years, and only recently started to roll off assembly lines.

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