Boeing Just Got Its First Order of 737 MAX Planes Since Grounding
On Thursday, Ryanair Holdings agreed to purchase 75 of Boeing's 737 MAX jets, according to the Wall Street Journal.
The deal is worth more than $7 billion if current list prices are used. Ryanair exercised its option to buy additional jets from Boeing on top of the 135 it had already agreed to purchase. Boeing's 737 MAX jet has been grounded for almost two years after two fatal crashes. Last month, the FAA approved the MAX for flying again after significant investigation and rule implementations.
Michael O'Leary, chief executive of Ryanair, stated that the additional jets would help accelerate the airline's growth as travel demand recovers. “We’re proud to buy them. We’re proud to fly them,” he said.
About 10 percent of Boeing's outstanding MAX orders have been canceled by airlines. Boeing previously stated that it was concerned about additional cancellations to its outstanding order count of more than 4,000. Boeing is expected to resume delivering the jets this month, possibly as early as next week.
Ryanair is a budget airline that has a history of purchasing up aircraft at a discount.