In its first major 777X sales announcement since raking in $95 billion in "orders and order commitments" at the Dubai Airshow last month, Boeing (NYSE:BA) has just inked a deal to sell 21 777-9X airplanes to Cathay Pacific Airways.
The sale, says Boeing, is valued at "more than $7 billion at current list prices" (and almost certainly far less than $7 billion at actual retail prices), and makes Hong Kong's Cathay Pacific the first Asian buyer of the 777X. In a statement on the purchase, Cathay Pacific CEO John Slosar said the plane will give his airline "improved payload range capability and reduced operating costs," and will be "an ideal fit for long-haul destinations in North America and Europe."
Cathay Pacific currently operates 55 777s and an all-Boeing cargo jet fleet including 13 747-8 freighters.
Unveiled for sale in Dubai last month, the 777X became instantly "the largest product launch in commercial jetliner history by value." Boeing aims to begin delivering the 400-seat twin-engine jets to buyers in 2020.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.