LE BOURGET, France, June 20, 2017 /PRNewswire/ -- Boeing [NYSE:BA] and Avolon, the international aircraft leasing company, today announced the signing of a Memorandum of Understanding (MOU) for 75 737 MAX 8s at the 2017 Paris Air Show.
The commitment, valued at $8.4 billion at list prices, will bolster Avolon's single-aisle portfolio to meet growing customer demand in that market segment. The MOU also includes purchase rights for an additional 50 737 MAX 8s.
The agreement will be reflected on the Boeing orders and deliveries website once finalized.
"This order represents the single largest order that Avolon has placed with Boeing to date and underlines the scale of our ambition and the strength of our business," said Avolon CEO, Dómhnal Slattery. "Our strategy is to maintain an industry leading portfolio of young, modern and fuel efficient aircraft. We were pleased to deliver the world's first ever 737 MAX 8 this year and the addition of a further 75 Boeing 737 MAX aircraft reflects our commitment to our customers to have a product offering built around the most technically advanced and efficient aircraft available in the market."
Based in Dublin, Ireland, Avolon is one of the leading aircraft leasing firms in the world. With an aircraft portfolio that number more than 850 airplanes in service and on order, Avolon manages one of the largest, as well as the youngest fleets in the world.
"We are honored to partner with Avolon for new 737 MAX airplanes as they look to strengthen their position as one of the world's premier commercial airplane lessors," said Boeing Commercial Airplanes president and CEO Kevin McAllister. "Today's announcement is a testament to the market-leading efficiency, reliability and passenger comfort the 737 MAX will provide to our customers and the flying public for many years to come."
The 737 MAX family has been designed to offer customers exceptional performance, flexibility and efficiency, with lower per-seat costs and an extended range that will open up new destinations in the single-aisle market.
The 737 MAX incorporates the latest technology CFM International LEAP-1B engines, Advanced Technology winglets, Boeing Sky Interior, large flight deck displays, and other improvements to deliver the highest efficiency, reliability and passenger comfort in the single-aisle market.
The 737 MAX is the fastest-selling airplane in Boeing history.
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Headquartered in Ireland, with offices in the United States, Dubai, Singapore, Hong Kong and Shanghai, Avolon provides aircraft leasing and lease management services. Avolon is a wholly-owned, indirect subsidiary of Bohai Capital Holding Co., Ltd., a Chinese public company listed on the Shenzhen Stock Exchange (SLE: 000415). Avolon is the world's third largest aircraft leasing business with a pro-forma owned, managed and committed fleet, as of 31 March, 2017 of 850 aircraft valued at c. US$43 billion.
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