Korean Air Lines, South Korea's national carrier, will acquire some 20 aircraft from US Boeing and procure spare engines from GE Aerospace, in a combined deal worth US$32.7 billion, Seoul's industry ministry said.
A pre-signing ceremony took place at the Department of Commerce in Washington, attended by Cho Won-tae, chairman of Hanjin Group, Korean Air's parent firm; Kelly Ortberg, Boeing's president and CEO; and Russell Stokes, president and CEO of GE Aerospace Commercial Engines and Services.
Also present at the event were South Korean Industry Minister Ahn Duk-geun and U.S. Secretary of Commerce Howard Lutnick, reports news agency.
Under the agreement, Korean Air will acquire 20 Boeing 777-9 and 20 Boeing 787-10 aircraft by 2033, with an option to purchase an additional 10 aircraft. The two companies agreed to swiftly proceed with the deal, valued at $24.9 billion.