UPDATE 1-Bombardier at 177 firm CSeries orders as Ilyushin approved

Tue Jun 4, 2013 3:48pm EDT
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By Solarina Ho

TORONTO, June 4 (Reuters) - Bombardier Inc's much anticipated CSeries plane has reached 177 firm orders after the Canadian manufacturer said on Tuesday that a previously announced deal with Ilyushin Finance Co. won backing from the Russian company's investors.

IFC's order for 32 CS300 aircraft with an option for an additional 10 was approved by IFC's shareholders, Bombardier said on Tuesday. The Russian aircraft leasing company's conditional order was first announced in February.

Bombardier's new family of narrow-body, twin-engine, medium-range jets is the company's big challenge to industry leaders Boeing Co and Airbus. Industry anticipation has been building ahead of its maiden flight, expected at the end of June.

Bombardier's class B shares rose 1.7 percent to C$4.83 on Tuesday afternoon on the Toronto Stock Exchange.

IFC's firm order is valued at around $2.56 billion at list price, the company said, and including the additional 10, the contract value is about $3.42 billion.

Bombardier, the world's fourth-largest commercial planemaker, said this week it would use the Paris air show in mid-June to unveil a previously undisclosed customer and could add new business.

With IFC's order approval, Bombardier has passed the halfway mark of its goal for 300 firm orders by mid-2014.   Continued...