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Canada's WestJet places order for 42 Boeing MAX 10 planes

Stock Markets Sep 29, 2022 01:22PM ET
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© Reuters. WestJet airline signage is pictured at Vancouver's international airport in Richmond, British Columbia, Canada, February 5, 2019. REUTERS/Ben Nelms
 
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(Reuters) -Canada's WestJet Group said on Thursday it has placed an order with Boeing (NYSE:BA) Co for 42 MAX 10 jets in a deal valued at $5.67 billion at list prices, adding to a number of narrowbody orders secured by the U.S. planemaker this year.

Boeing has a year-end deadline to win regulatory approval for the jet model. Otherwise, it must meet new cockpit alerting requirements under a 2020 law, unless U.S. Congress waives it.

Boeing Chief Executive Dave Calhoun said earlier this month there was still a chance U.S. regulators could approve the single aisle jet before the deadline, but some customers and analysts do not think there is enough time remaining for the FAA to complete certification tasks.

Calhoun told Aviation Week in July that Boeing could be forced to cancel the MAX 10 over potential regulatory issues.

"WestJet has full confidence in the aircraft and has protection plans in place in the unlikely event of a delay," the airline said, when asked about the MAX 10's certification prospects this year.

The Calgary-based carrier now has more than 60 firm orders for the 737 MAX jets, Boeing's best-selling single-aisle airplane family.

Boeing has booked large orders for the 737 MAX this year, including an order for 100 MAX 10 jets from Delta Air Lines Inc (NYSE:DAL), speeding up the planemaker's recovery from successive crises caused by the pandemic and two plane crashes.

WestJet, owned by private equity firm Onex Corp, also has an option to buy 22 more MAX jets, Boeing said.

The carrier said it will now accept delivery of "no fewer than 65 aircraft" in the next six years, with at least 50 being 737-10 jets. WestJet and Boeing on Thursday did not provide any details on the delivery timelines.

Boeing's shares fell 5% in afternoon trade amid broader market declines.

Canada's WestJet places order for 42 Boeing MAX 10 planes
 

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