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Air New Zealand to Replace Boeings with Airbus A320s

New Zealand's national carrier Air New Zealand will buy 14 new Airbus planes at a cost of around US$1 billion to replace its domestic fleet of Boeings , the airline said on Tuesday.

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Air New Zealand said it would buy 14 Airbus A320s to replace it current fleet of 15 Boeing 737-300.

The A320s would begin arriving in January 2011 and be delivered progressively until 2016 to coincide with the expiry of the 737-300 leases, Air New Zealand said.

Shares in Air NZ, which is around 76 percent owned by the government, last traded down a cent or 0.8 percent at NZ$1.27. So far this year the stock has gained around 38 percent compared with a 17 percent rise in the benchmark NZSX-50 index