Boeing signs deal worth $7.2 billion with Century City lessor

Los Angeles billionaire Steven Udvar-Hazy opened this year’s Farnborough International Airshow in England with a blockbuster order for jets worth $7.2 billion in list-price value from aerospace giant Boeing Co.

The chief executive from Air Lease Corp., the aircraft leasing firm in Century City, made a firm order Monday for 75 of Boeing’s new, fuel-efficient 737 MAX jets.

Air Lease buys aircraft and rent them to airlines worldwide for a fixed time period.

“The 737 MAX is an excellent addition to our portfolio and the ideal complement to our growing fleet of next-generation” 737s, Udvar-Hazy said in a statement. “The 737 MAX represents a step-change improvement that our airline clients need to compete in the future.”

The MAX is a new-engine variant of the 737, the world’s best-selling airplane. Boeing says that airlines operating the 737 MAX will see a 13% fuel burn improvement over today’s most fuel efficient single-aisle airplanes.

The airshow, which opened Monday and runs through July 15, is one of the largest aerospace showcases where plane makers, airliners and military officials from around the world gather to sign lucrative deals.

To mark the occasion from Farnborough, Udvar-Hazy opened trading on the New York Stock Exchange when he rang the morning bell remotely as he stood alongside Boeing Commercial Airplanes President Ray Conner.

RELATED:

Airbus announces plans to build jetliner factory in Alabama

Drone makers urge U.S. to let them sell more overseas

Drone trade group adopts guidelines for flying in U.S. airspace

Follow W.J. Hennigan on Twitter @wjhenn