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Jet firms' dogfight heats up
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September 20, 1999: 3:47 p.m. ET
Airbus Industrie gets $2.2B order, while Boeing looks to develop jumbo jet
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NEW YORK (CNNfn) - Aerospace arch rivals Airbus Industrie and Boeing each had news Monday that was likely to pump up the volume on their continuing rivalry.
European aerospace consortium Airbus Industrie, the world's No.2 aircraft maker, got a big lift from a joint venture company that ordered $2.2 billion worth of Airbus aircraft.
Meanwhile, arch-rival Boeing Co. (BA), the No.1 aircraft company, said it is likely to proceed with development of bigger 747 jumbo jet.
GATX Flightlease Aircraft Co. Inc. said Monday it had placed an order with Airbus for 38 aircraft. The order includes 32 A320 family aircraft and 6 A330 aircraft, with deliveries beginning in 2001 and continued through 2006.
GATX Flightlease is a joint venture between Flightlease AG, a subsidiary of SairGroup, which also owns Swissair, and GATX Capital Corp., a subsidiary of Chicago-based holding company GATX Corp. (GMT).
Headquartered in Zurich, Switzerland, GATX Flightlease has about 300 aircraft in its portfolio.
Separately, Boeing Chairman Phil Condit told the Wall Street Journal he expects the Seattle-based company will proceed with development of a bigger 747 jumbo jet within the next two years.
A Boeing spokeswoman said the larger 747 is still in development and there are no active plans to proceed at this time.
Condit also said he expects Airbus to go ahead with its own giant airliner, the A-3XX. Airbus officials had no comment.
Boeing was down 11/16 to 42-15/16 in late afternoon trading Monday. GMX was down 1-1/4 to 31-3/8.
--from staff and wire reports
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