May 20, 2020

Air New Zealand purchases eight Boeing 787-10 Dreamliners

Air New Zealand
Boeing
airline
Dreamliner
Richard Blank
2 min
Air New Zealand purchases eight Boeing 787-10 Dreamliners

Air New Zealand, New Zealand’s flag carrier airline, has announced the signing of a deal with Boeing that will see it acquire 8 787-10 Dreamliners.

Though that would represent some US$2.7bn at currently listed prices, the actual figure was undisclosed, with Air New Zealand emphasising that it had secured a “significant” discount on that figure. The deal also includes the option to increase the number purchased from 8 up to 20.

Air New Zealand CEO Christopher Luxon said: “the game changer for us has been that by working closely with Boeing, we've ensured the 787-10 will meet our network needs, including the ability to fly missions similar to our current 777-200 fleet. This is a hugely important decision for our airline. With the 787-10 offering almost 15 percent more space for customers and cargo than the 787-9, this investment creates the platform for our future strategic direction and opens up new opportunities to grow.”

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The aircraft will complement the airline’s existing fleet of 13 787-9 Dreamliners, which are said to have already proved their ability in the Pacific Rim region serviced by the airline. As the largest variety of Dreamliner, the 787-10s have a higher capacity and are longer and more efficient than the 787-9s. As such, the company revealed it had negotiated the right to substitute one for the other to ensure future flexibility.

“We are honoured to extend our deep partnership with Air New Zealand,” said Christy Reese, Vice President of Boeing Commercial Sales and Marketing for Asia Pacific. “This is a bold decision by the airline and will help carry forward the ambitions of Air New Zealand for many years to come. The 787-10 is the most efficient widebody in operation today with 25 percent better fuel costs per seat than the aircraft it replaces. In addition, the 787-10 has 95 percent commonality with Air New Zealand's existing fleet of 787-9s and will provide the airline with added benefits in terms of capacity and overall operations.”

Air New Zealand used their press release to hail the improved efficiency of the Dreamliners, saying they are expected to be 25 percent more fuel efficient than the 8 777-200ERs they're replacing, and represent a significant investment in the company’s international network and customer experience.

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Jun 13, 2021

Seo JungJin: Who is EY’s World Entrepreneur of 2021?

EY
entrepreneurs
Leadership
celltrion
Kate Birch
3 min
From just US$45,000 capital in 2003 to a world-leading biopharma giant with revenues of US$1.69bn today, Seo JungJin is crowned EY World Entrepreneur 2021

Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.

Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.

JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.

Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.

Why was JungJin crowned King Entrepreneur?

A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.

The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.

According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.

Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.

“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”

How did JungJin get there?

JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.

Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.

And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.

With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.

“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”

 

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