Cebu Pacific said Tuesday it expects to finalize the $24-billion (P1.4-trillion) deal with Airbus to acquire up to 152 A321 new aircraft by the third quarter of 2024.
The airline unit of the Gokongwei Group earlier signed a memorandum of understanding (MOU) with Airbus and Pratt & Whitney, covering firm orders for up to 102 A321neo and 50 A320neo family purchase rights.
Cebu Pacific selected Pratt & Whitney GTFTM engines to power the future aircraft.
“The order is designed to give Cebu Pacific the flexibility to choose between the A321neo and A320neo aircraft as needed, helping us adapt to market changes,” Cebu Pacific chief executive Michael Szucs said.
“This deal is a significant milestone in our ongoing mission to make air travel more accessible and affordable for everyone while supporting the Philippine growth story,” he said.
Airbus said the MOU is a testament to the airline’s confidence in its products and a positive signal for the aviation industry’s recovery.
“We thank Cebu Pacific for its ongoing confidence in Airbus and its products. These latest generation aircraft will enable the carrier to reduce its operating costs and continue to offer low fares in a competitive market environment,” said Benoît de Saint-Exupéry, executive vice president for sales of commercial aircraft at Airbus.
“We look forward to continuing to work with the airline as it builds on its position as one of the leading low-cost carriers in the Asia- Pacific region,” he said.
Pratt & Whitney expressed gratitude for CEB’s continued confidence in the GTF engine, which the airline initially selected in 2012
“This latest order demonstrates the growing opportunities for aviation in the Philippines and the larger Asia Pacific region,” said Rick Deurloo, president of commercial engines at Pratt & Whitney.
“Our GTFTM engine will power this growth while delivering industry-leading fuel efficiency and sustainability benefits for single-aisle aircraft. Cebu Pacific’s order attests to the value it provides,” he said.
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