Boeing Lands $7.2B Order for Its 737 MAX

Boeing (NYSE:BA) has landed a major order for the newest version of its 737 jet, the 737 MAX.

At the Farnborough International Airshow in the United Kingdom, Air Lease (NYSE:AL) placed an order to purchase 75 of the planes, with an option to buy 25 more. The order is worth $7.2 billion, the Associated Press notes.

Featuring an array of updated technologies Boeing has received orders for over 1,000 of the new jets since their debut.

Air Lease, which, as its name suggests, leases its fleet of planes to airlines, has ordered a total 170 airplanes from Boeing this year. The orders will take years to fulfill.

For Boeing, the deal is a step toward reversing rival EADS Airbus’s lead in single aisle plane sales. This year, Airbus has managed only one sale so far at Farnborough, selling four A321neos to Arkia Israeli Airlines for about $450 million.

Airbus recently announced plans to build an airplane assembly facility in Alabama, the first such airplane manufacturing facility on Boeing’s home territory.

Boeing shares rose just under 1% in Monday morning trading.

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