EgyptAir signs letter of intent for up to 24 Bombardier CS300s

REUTERS

After the decision, Bombardier sold a majority stake in its C Series jet business to European aerospace giant Airbus for no cost.

"We anticipate both of them by year end", Commercial Aircraft President Fred Cromer told reporters.

The accord is a significant win for Bombardier, which gains another customer for its new jet less than a month after the company agreed to cede control of the CSeries to Airbus in exchange for the European planemaker's marketing heft, manufacturing expertise and financial muscle. Cromer said both sales had already being under negotiation and were not the result of the Airbus venture.

Bombardier has won a major order for its C Series aircraft from EgyptAir, worth at least $1bn.

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EgyptAir is Bombardier's latest Middle East customer, having already signed agreements with Iraqi Airways, Bahrain's Gulf Air, among other regional carriers.

Bombardier says that based on the list price of the CS300, a firm order for 12 aircraft would be valued at about $1.4 billion.

The US trade department imposed tariffs of 300% on the C Series as it upheld a complaint from Boeing over subsidies the aircraft received from the Canadian and United Kingdom governments. A U.S. trade commission will decide in early 2018 on whether to impose duties of almost 300 percent on the planes as urged by the U.S. Commerce Department.

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