IAG deal with Boeing takes off

(Source: Reuters)

In an announcement by IAG this morning, the airline company confirmed that it has reached agreement with Boeing to purchase new longhaul aircraft (release).

IAG plans to convert 18 existing Boeing 787s options into firm orders for British Airways. They will be used to replace some of the airline's Boeing 747-400 aircraft between 2017 and 2021.
For Iberia, IAG has reached agreement with Boeing to secure commercial terms and delivery slots that could lead to an order for Boeing 787s. Firm orders will only be made when Iberia has restructured and reduced its cost base and is in a position grow profitably.
Willie Walsh, IAG chief executive, commented on the deal:
British Airways has 24 Boeing 787s on order already and we plan to boost this by a further 18 aircraft by exercising our options.
The aircraft offers a step change in fuel burn efficiency versus our existing aircraft with improvements in fuel cost per seat of more than 20 per cent.