General Electric signs $3.5 bln deals in China

Reuters

They included a $1.4 billion agreement for GEnx engines for 10 B-787-9 Dreamliners, signed with Juneyao Airlines Co Ltd (603885.SS) and ICBC Leasing, the leasing arm of state bank Industrial and Commercial Bank of China Ltd (601398.SS).

The China Aviation Supplies Group Corporation (CNAC) has signed a bulk purchase agreement with Boeing for 300 Boeing aircraft, Caixin reported, citing an official announcement.

The deals included an engine and fix deal for GEnx-1B engines from Juneyao Airlines Co Ltd worth $1.4 billion at list prices, and another $1.1 billion order for 80 Leap-1B engines to power 40 Boeing 737 MAX Aircraft from ICBC Leasing, the leasing arm of state bank Industrial and Commercial Bank of China Ltd, GE said. The full breakdown of the order and the non-binding commitments was not made available.

Analysts said, however, that some of the orders may be among more than 300 from undisclosed buyers posted this year, and it was not clear how much of the China deal was new business.

This past July, the company announced it agreed to purchase 140 Airbus aircraft in a deal that had list prices that totaled $23 billion.

Boeing had 334 orders by unidentified customers as of October 24, of which 290 were for its 737 narrow body family. The order includes 100 Airbus narrow body models for the A320, and 40 wide body A350s.

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China Aviation Supplies played prominent roles in deals that were announced during the exchanges of previous governments.

According to Boeing's latest market outlook, China is expected to need 7,240 new aircraft over the next 20 years, valued at almost 1.1 trillion US dollars.

"China is a valued customer and key partner, and we're proud that Boeing airplanes will be a part of its fleet growth for years to come", said McAllister.

This big order in China follows Boeing's sale of 39 wide-body jets to Singapore Airlines last month. Chinese president Xi Jinping also attended the signing ceremony.

A GE spokesperson said its engine orders were new, and deferred to Boeing on how much of aircraft order was new.

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