United Airlines' Chairman and Chief Executive Officer Gerald Greenwald announced today that the airline has placed firm orders for 23 widebody aircraft from Boeing.
According to Greenwald, the Boeing order is part of United's plan to eventually add 68 aircraft to its passenger fleet, growing from 571 passenger aircraft at year-end 1997 to an expected 639 aircraft at the end of 2001. The airline's capacity is forecast to increase by an average of three percent per year during this period.
"This Boeing order is part of our four-step strategic plan, as was the narrowbody aircraft order we announced last month," said Greenwald. "These orders are part of the third step of our plan, which is to grow our fleet size so that we can take advantage of profitable market opportunities. The Boeing order represents the second phase of that step and addresses our need for widebody aircraft."
The order announced today consists of one Boeing 747-400, 16 B777-200s and six B767-300s for delivery in the years 1999 through 2002.
The delivery schedule by years is as follows: 1999, four B777-200s and four B767-300s; 2000, one B747-400 and six B777-200s; 2001, four B777-200s and two B767-300s; and 2002, two B777-200s.
United's strategic plan includes a four-step approach to using the company's strong cash flow. Summarized, the four steps are: to strengthen the company's balance sheet in part by working to achieve a fully investment- grade credit rating; to retire and replace the company's older aircraft; to grow United's fleet size to enable the company to take advantage of profitable market opportunities; and to return cash to the company's shareholders. United has made considerable progress on the first three steps of the plan.
United operates nearly 2,300 flights daily to 101 domestic and 38 international airports.
United's Internet address is http://www.ual.com.
SOURCE United Airlines -0- 04/14/98
/CONTACT: Joe Hopkins, Corporate Communications of United Airlines, daytime, 847-700-5770, or night, 847-700-4088/ /Web site: http://www.ual.com/ (UAL)
CO: United Airlines
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