Boeing May Land South Korea Presidential Jet Deal

Rival company drops out of bidding for $350 million contract

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    NEWSLETTERS

    TK
    AP
    The Boeing 747-8 Freighter makes its first flight, Monday, Feb. 8, 2010, in Everett, Wash.

    Chicago-based Boeing has offered South Korea an executive version of its 747-8 commercial jet for that country's new presidential jet.

    South Korea's Yonhap News agency quotes a military source as saying Boeing will win the $350 million contract after its rival, European Aeronautic Defence and Space Company, dropped out of the bidding.

    "Boeing is offering the 747-8 model and the DAPA will evaluate the plane's performance by October," the source said.

    South Korea plans to buy a presidential jet by 2014 to replace its presidential plane put into service in 1985. Currently, President Lee Myung-bak is using a Boeing 747-400 jet for overseas trips under a five-year lease contract with Korean Air.

    South Korean officials plan to begin evaluating Boeing's offer by October, SeattlePI.com reported.

    The 747-8 is the largest commercial aircraft built in the United States.