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President Varela and President Obama are in attendance at Copa Airlines historic aircraft purchase
- Copa Airlines and Boeing celebrate the $6.6 billion purchase of 737 MAX aircraft.
PANAMA CITY, PANAMA, April 10, 2015 – United States President Barack Obama and Panamanian President Juan Carlos Varela were in attendance at the ceremony marking the historic agreement between Copa Airlines (NYSE:CPA) and Boeing (NYSE: BA) for the purchase of 61 737 MAX 8 and 9 aircraft. The order, which is worth $6.6 billion at list prices, represents the largest financial transaction ever between a Panamanian company and a U.S. company.
The ceremony took place in Panama City during the CEO SUMMIT. That event was part of the Seventh Summit of the Americas, which brought together 33 presidents and heads of state.
As President Varela and President Obama looked on, Copa Holdings Chairman Stanley Motta, Copa Airlines CEO Pedro Heilbron, Boeing Chairman and CEO Jim McNerney, and GE Aviation President and CEO David Joyce formally signed off on the order. The aircraft were previously attributed to an unidentified customer on Boeing’s orders and deliveries website.
“At Copa Airlines, we are proud to have signed this historic order with two presidents in attendance,” said Pedro Heilbron. “Boeing’s 737 Next Generation airplanes are the backbone of our current fleet. Our order for the 737 MAX airplanes is reflective of our ongoing commitment to the future—a commitment to connect people throughout North, South, and Central America, using the most modern, most efficient airplanes in the sky, via the Hub of the Americas in Panama City.”
Stanley Motta destacó que “con el MAX 737 nuestros clientes disfrutarán de todos los beneficios de la mejor tecnología disponible en el mercado. Esta orden es un importante paso para fortalecer el liderazgo de Copa en la región, mientras mejoramos nuestro servicio de clase mundial y expandimos nuestra red. A la vez, estamos emocionados acerca de las nuevas oportunidades para el crecimiento económico de Panamá”.
Copa Airlines will use the new aircraft to replace the oldest planes in its fleet, and to support its plans for continuous growth. Copa will be the first airline in the region to fly the 737 MAX 9 on routes to and from South America. The 737 MAX 9’s range and passenger comfort are ideally suited to Copa’s long-haul routes.
With this new order, Copa Airlines seeks to further increase the aviation industry’s contribution to Panama’s economic and social development. The aviation industry directly supports more than 43,000 jobs and indirectly supports 137,000 jobs in Panama, and it is responsible for 4.2% of the Gross Domestic Product (GDP) (12.6% if tourism services are included). These figures are according to the International Air Transport Association (IATA), which reported on ”Economic Benefits from Air Transport in Panama.”
“It is an honor to be joined by Presidents Varela and Obama on this great day. All of us at Boeing are proud to partner with Copa as it works to remain one of the most progressive airlines in the world,” said McNerney. “Copa has a history of leading the way for Latin America’s aviation industry, and this order shows their dedication to continuous improvement in performance, customer satisfaction, and efficiency.”
The 737 MAX builds on the strengths of today’s Next-Generation 737 by incorporating the latest-technology CFM International LEAP-1B engines, advanced technology winglets, and other improvements to deliver the highest efficiency, reliability, and passenger comfort in the single-aisle market. Airlines operating the 737 MAX will see a 14% fuel-use improvement over today’s most fuel efficient single-aisle airplanes—and 20% better than the original Next-Generation 737s when they entered service. The 737 MAX 8 will have an 8% operating cost advantage over the A320neo.
The 737 MAX also features the new Boeing Sky Interior, which Copa helped launch on its Next-Generation 737 fleet. The sleek interior boasts modern lines, a spacious cabin with more headroom, and LED lighting that offers vibrant color options.
In total, 57 customers around the world have placed 2,714 orders for the 737 MAX.
Copa Airlines brings passengers quickly and conveniently to 73 destinations in 30 countries in North, Central, and South America and the Caribbean, through its Hub of the Americas in Panama City.
For the past two years running, FlightStats has recognized Copa as the “Best Airline in Latin America” for its on-time performance and service quality.