Bombardier sells 12 planes to EgyptAir

Bloomberg

Bloomberg

Earlier in the day, EgyptAir and Bombardier announced a letter of intent for 12 firm Bombardier CS300s jets, valued at $1.1 billion, according to a statement by the Canadian plane and train maker.

The deal includes 12 additional aircraft with purchase rights.

It represents another shot in the arm for Bombardier, which last month signed an agreement with Airbus to take a majority stake in its aircraft programme as it faced the prospect of punishing USA tariffs.

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"We undertook a thorough evaluation process of our fleet and realized that the CS300 would fit perfectly into our business plans and growth strategy", EgyptAir's chairman Safwat Musallam said. "We look forward to expanding our network with the CS300".

Earlier this month an unnamed European airline said it meant to buy at least 31 of the C-Series planes.

Bombardier has faced a series of problems over the plane, most recently a trade dispute in the U.S. that imposed a 300% import tariff.

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