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In a significant move, Airbus SE (OTC:EADSY) (OTC:EADSF) received an order worth $4.66 billion from Hong Kong's renowned Cathay Pacific Airways, Ltd.(OTC:CPCAY).
Under the deal, Cathay will acquire an additional 32 Airbus A320neo Family aircraft.
Cathay Pacific expects the Airbus Aircraft to be delivered by the end of 2029.
Cathay Group's latest acquisition exemplifies its aggressive expansion strategy and underscores its confidence in the aviation market's recovery. The agreement doubles the Cathay Group's total orders for the A320neo Family to 64, of which 13 have already been delivered.
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With more than 9,700 orders from over 130 customers, the A320neo family is the world’s most popular single-aisle aircraft.
Details of The Acquisition
The additional 32 aircraft, consisting of both A321neo and A320neo models, are slated to join the fleets of Cathay Pacific and HK Express. Primarily, these modern jets will serve routes connecting the Chinese mainland and various Asian destinations, enhancing the airline's regional connectivity and service offerings.
Christian Scherer, Airbus' chief commercial officer and head of international, expressed his pride in Airbus being integral to Cathay's growth and recovery plan. "Operating out of the Cathay Group's base at the heart of Asia, the A320neo family will enable it to expand its services across the region with a most efficient single aisle fleet and a positive passenger comfort differentiation. With a significant reduction in fuel consumption, the aircraft will also bring an immediate contribution to the Cathay Group's sustainability goals," Scherer remarked in a statement.
Also See: Airbus Scores Double Win: Germany Orders 2 H145 Helicopters To Strengthen Police
In related news, Airbus delivered the first C295 aircraft to India on schedule, marking another milestone in its global delivery commitments. The aviation giant had delivered 52 airplanes to 34 customers in August, underscoring its production and delivery efficiency.
Price Action: CPCAY shares closed lower by 4.31% to $4.88 on Friday, while EADSY shares closed higher by 2.49% to $33.37.
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo: Shutterstock
