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Bombardier clinches Iraqi Airways C Series deal

Bombardier's CSeries aircraft takes off for its first test flight in Mirabel, Quebec, September 16, 2013.

CHRISTINNE MUSCHI/REUTERS

Bombardier Inc. has clinched a firm order for five C Series aircraft from Iraqi Airways.

Iraq's national carrier signed a firm purchase agreement for the planes – with a total list-price value of $387-million (U.S.) – following a letter of intent to buy the jets announced by Montreal-based Bombardier at the Dubai Air Show last month.

The agreement for the CS300 model includes options on 11 more CS300s; if the options are fully exercised, the value of the deal rises to $1.26-billion.

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It is standard procedure for aerospace manufacturers to provide discounts off the list price to buyers.

The transaction brings the total number of C Series firm orders to 182.

Bombardier president and chief executive officer Pierre Beaudoin ha said he wants to reach 300 firm orders by the time the new CSeries enters into service in September of next year.

The company said on Tuesday it has promoted its top business-jet salesman – Raymond Jones – to the position of vice-president of sales for commercial aircraft, which includes the C Series.

The move is part of Bombardier's renewed efforts to boost C Series sales, which many observers say are rather sluggish.

Many analysts also say that it will be almost impossible for Bombardier to make its deadline of entry into service for the C Series by 2014 and that 2015 is a more likely window.

The order for five C Series jets announced Wednesday is the first firm order for the aircraft since June.

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About the Author
Quebec Business Correspondent

Bertrand has been covering Quebec business and finance since 2000. Before joining The Globe and Mail in 2000, he was the Toronto-based national business correspondent for Southam News. He has a B.A. from McGill University and a Bachelor of Applied Arts from Ryerson. More

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