Korean Air sells five jets to US aerospace firm Sierra Nevada
Reuters
Published May 10, 2024 07:44AM ET
(This May 8 story has been corrected to say that Korean Air will have delivered the planes by September 2025, not will sell the planes in September 2025, in paragraph 7)
SEOUL (Reuters) - Korean Air will sell five of its planes to U.S. aerospace firm Sierra Nevada Corporation, the airline said in an exchange filing on Wednesday.
Sierra Nevada recently won a $13 billion U.S. Air Force contract to develop a successor to the E-4B Nightwatch, known as the Doomsday plane due to its ability to survive a nuclear war and act as a command and control centre during emergencies.
Sierra Nevada did not immediately respond to a request for comment.
The Korean Air planes being sold are four-engined Boeing (NYSE:BA) 747-8s, a source familiar with the matter said.
The four current E-4 planes, which have been in service since the 1970s, are modified Boeing 747-200s.
The sale, valued at 918 billion Korean won ($674 million), is in line with Korean Air's medium to long-term plan to dispose of older aircraft and replace them with newer generation ones, the Korean Air filing said.
Korean Air will have delivered the planes by September 2025, the filing said.
($1 = 1,363.0100 won)
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Written By: Reuters
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