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Grupo Aeromexico spends $10.8 billion on planes

By control on July 26, 2012

In the largest investment for a domestic Mexican airline, Grupo Aeromexico has ordered $10.8 billion in planes from Boeing. The order includes 90 737-8 MAX aircraft and 10 787-9 Dreamliners. Deliveries of the Dreamliners will begin in 2013, with the rest of the planes following in 2018.

Aeromexico first announced it was looking at a large plane order in a short message to investors on July 9. The company cryptically wrote it was "currently assessing the potential acquisition of new technology narrow- and wide-body aircraft." According to a company press release, the order is part of Aeromexico's quest to maintain one of the youngest fleets in the industry. In addition to the 100-plane order, the carrier also has ten smaller Boeing jets on order.

"This investment demonstrates the commitment Grupo Aeromexico shareholders have pledged to the country and its confidence in Mexico's macroeconomic environment and future," Chairman Jose Luis Barraza said in a statement.

In addition to getting newer planes, the carrier is also upgrading the efficiency or its fleet.

"This order represents the most ambitious investment program for a national carrier in Mexican commercial aviation history and a major step forward in consolidating Grupo Aeromexico's international leadership position while moving forward in accelerating the Group's modernization plan," CEO Andres Conesa said in a statement.

According to results for the second quarter, Grupo Aeromexico experienced a 15.2-percent, year-over-year, rise in revenues. Boeing finished the second quarter of 2012 with a 21-percent, year-over-year, rise in revenues; for the entire first half of the year, the manufacturer saw a 25-percent increase in revenues. Officials attributed the rise to an increased number of plane deliveries.

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