Ilyushin Finance Co. Executes Letter of Intent for 50 Bombardier Q400 NextGen Airliners

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Aug. 30, 2013 13:58

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MOSCOW--(Korea Newswire)--Bombardier Aerospace announced today that Moscow-based leasing company, Ilyushin Finance Co. (IFC) has signed a letter of intent (LOI) to acquire 50 Q400 NextGen airliners that would be assembled in Russia under a joint venture that may be created by Bombardier and Rostekhnologii (“Rostec”). This announcement follows one made earlier today relating to potential industrial cooperation between Bombardier and Rostec, a state corporation controlled by the Russian Federation. IFC‘s LOI was finalized during the 2013 International Aviation and Space Salon, known as the MAKS 2013 Air Show, held at Moscow’s Zhukovsky Airport.

The series of preliminary agreements between Bombardier and Rostec included an LOI for the sale of 50 Q400 NextGen aircraft; a Market Development Agreement reached with Rostec and its aircraft leasing subsidiary, Avia Capital Services that will provide an opportunity to place at least 50 additional Q400 NextGen aircraft in the region; and a memorandum of understanding (MOU) for industrial cooperation to validate the opportunity to set up a Q400 NextGen final assembly line in Russia. Should the MOU lead to the establishment of a final assembly line in Russia, the aircraft that IFC intends to purchase would be locally assembled and, together with aircraft to be acquired by Rostec, make up a total of 100 Q400 NextGen aircraft that would be built in Russia for Russian customers.

Should a definitive purchase agreement be reached, and based on the list price of the Q400 NextGen airliners, a firm contract for 50 Q400 NextGen aircraft would be valued at approximately $1.695 billion US.

“Our intent to purchase 50 Q400 NextGen aircraft and our recent firm order for 32 Bombardier CS300 aircraft will provide local operators with the potential to expand regional travel with aircraft that are complementary to the latest Russian-built aircraft which illustrates our strategy to find the best portfolio of products for our customers,” said Alexander Rubtsov, Director General, IFC.

“The Q400 NextGen aircraft‘s excellent fuel efficiency and operational costs; interchangeability with jet service; comfort and outstanding environmental qualities, make it an ideal choice for diverse operations across Russia’s vast landscape. We look forward to working with Bombardier and Rostec to reach a firm agreement for the aircraft in the near future,” added Mr. Rubtsov.

“The LOI signed with IFC today is a testimony to the Q400 NextGen aircraft's suitability as well as its increasing diversity of customers and capacity to open new markets,” said Mike Arcamone, President, Bombardier Commercial Aircraft. “Building on the outstanding capability and heritage of the Dash 8 aircraft - which has a strong installed base in Russia - we have developed a technologically advanced airliner in Toronto that has reinvigorated the turboprop world and is catalyzing new business opportunities. We look forward to working with IFC and Rostec to help develop a modern aerospace cluster in Russia.”

About Q400 NextGen aircraft

The Q400 NextGen turboprop is the most recent development in the evolution of the Q400 aircraft and the advanced successor to Bombardier's Dash 8/Q-Series family of aircraft. Optimized for short-haul operations, the “comfortably greener,” 70- to 80-seat Q400 NextGen aircraft is a large, fast, quiet and fuel-efficient turboprop. It provides an ideal balance of passenger comfort and operating economics with a reduced environmental footprint.

With eight to10 more seats, up to 35 per cent more cargo volume, and the capability to fly 90 knots faster than its closest competitor, the Q400 NextGen aircraft is able to generate 30 per cent more revenue for operators and continues to deliver the best flexibility and overall operating economics in its market segment.

Bombardier has booked firm orders for 475 Q400 and Q400 NextGen aircraft. Worldwide, Q400 and Q400 NextGen aircraft have transported more than 243 million passengers and have logged over 4.2 million flight hours and more than 4.5 million take-offs and landings. The Q400 and Q400 NextGen aircraft program includes some 50 customers and operators in over 30 countries on five continents. In June 2012, the aircraft received Aircraft Type Approval from the Interstate Aviation Committee to operate in Russia and the Commonwealth of Independent States.

About Bombardier

Bombardier is the world's only manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.

Bombardier is headquartered in Montréal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability World and North America Indexes. In the fiscal year ended December 31, 2012, we posted revenues of $16.8 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

Website: http://www.bombardier.com