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Share Name | Share Symbol | Market | Type |
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Boeing Co | NYSE:BA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 178.44 | 103 | 10:29:19 |
SEOUL—Airbus Group SE beat out Boeing Co. in a $1.33 billion race to supply South Korea with four aerial refuel tankers, dashing the American company's hopes to secure the first foreign order for a program beleaguered by budget overruns and delays.
A spokesman for South Korea's main arms procurement agency said Tuesday it plans to buy four Airbus A330 MRTT jets to fuel the country's military aircraft, with the first delivery due in 2019.
Airbus leads Boeing in overseas sales in the refuel-jet contest. Customers for the A330 MRTT jets include Australia, the U.K., Saudi Arabia and Singapore, which last year picked the aircraft over Boeing's Pegasus.
Converted from its A330 passenger jet, the Airbus tanker can carry more fuel and fly over a greater distance than the Pegasus, which Boeing touted as more cost-efficient than its rival. Boeing highlighted interoperability with the U.S., a major military ally for South Korea as well as Japan, another potential buyer.
Airbus's win deals a blow to Boeing, which hasn't won a single foreign order for its KC-46A Pegasus tanker, despite winning in 2011 a U.S. contract valued by the Pentagon at up to $41 billion over its lifespan. Overseas sales help reduce U.S. development costs.
Boeing aims to have the first of the 179 jets delivered to the U.S. Air Force starting in 2016. But its first test flights have been delayed for months and the company last year had to spend $425 million to fix wiring problems.
Spokesmen for Airbus and Boeing couldn't immediately be reached for comment.
Write to Jeyup S. Kwaak at jeyup.kwaak@wsj.com
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