Boeing Secures $1.5 Billion Jet Order From Pakistan International Airlines

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Published February 20, 2012

| FOXBusiness

Boeing (BA) cemented an order on Monday worth almost $1.5 billion to build a slew of jumbo passenger jets for Pakistan International Airplanes.

The Chicago-based aerospace giant said the deal includes a firm order of five 777-300ER (extended range) jets as well as the purchase rights for an additional five.

“We are proud that Pakistan International Airlines is a special Boeing customer that continues to invest and trust in the industry-leading capabilities of the 777 family of airplanes,” Marty Bentrott, vice president of sales for the Middle East, Russia and Central Asia for Boeing, said in a statement.

Given recent cutbacks in the U.S. defense budget, Boeing has had to increasingly rely on sales to international airlines as a way to boost sales. Last week Indonesia’s Lion Air inked a deal to buy 230 planes from Boeing for $22.4 billion -- the largest ever for Boeing by both dollar amount and the number of planes.

The 777-000ER ordered by Pakistan features dual twin engines that are built by General Electric (GE) as well as the Boeing Signature Interior, which includes wider seats, wider aisles and more headroom.

“The spacious 777-300ER has been an integral part of our long-range fleet renewal program and its excellent operating economics, long range capability and reliability will allow us to expand into new long-haul markets,” said Nadeem Yousufzai, managing director of Pakistan International Airlines.

Last year Boeing sold 200 of the 777 jets in 2011, setting a new company record.

Boeing’s shares, which have risen less than 3% so far this year, were inactive on Monday as     U.S. markets were closed in observance of Presidents Day.

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