Farnborough show sees bumper start
ALMOST $20bn (£13.1bn) in deals were signed yesterday at the Farnborough Air Show, marking a successful first day for the annual aviation gathering.
Boeing, which kick-started the show with the arrival of its 787 Dreamliner jet on Sunday, signed a bumper round of deals after Emirates airline agreed to buy up to 30 new 777-300ER planes worth $9.1bn.
“Today’s order underscores the airline’s [Emirates] confidence in the airplane which forms the backbone of its fleet. For that we are very grateful,” said Boeing chief executive and president Jim Albaugh.
Boeing also sold 40 737-800 aircraft to GE Capital Aviation for $3bn.
Rival Airbus, which also signed a deal with Emirates last month to sell the airline 32 A380 planes for $11.5bn, also had a successful first day. The EADS owned manufacturer sold 20 A321 and 31 A320 planes to financing and leasing company Air Lease Corporation for $4.4bn.
Airbus shed 11 A330-300 planes after signing a $1.7bn deal with Russian flag carrier Aeroflot.
The group also displayed its A400M military plane at the show, which had its maiden flight earlier this month.
Meanwhile, Canadian-based Bombardier secured a deal with Qatar Airways for two business jets worth $90m.
“Global business aircraft are renowned for their exceptional performance and reliability in demanding climate and weather conditions,” said Akbar Al Baker, chief executive of Qatar Airways.
Other highlights from yesterday’s events included a keynote speech by business secretary Vince Cable who warned that defence procurement will be affected by cuts in government spending.
He said: “I want to back aerospace research and defence to the hilt and I will keep doing that. We need to shift the balance of the UK economy to manufacturing and exporting and aerospace is at the forefront of that.”