CIT Aerospace Orders 25 Boeing Jets

CIT Aerospace, a unit of financing and leasing company CIT Group Inc., has placed a firm order for 20 Boeing 737-700 commercial jets and five 757-300 airplanes, the Seattle-based plane maker said Tuesday. At list prices, the order is valued at more than $1.3 billion.

CIT also took options for five additional 757-300s. Boeing said CIT would be the first aircraft-leasing company to offer the newest model in the 757 family, which is the longest single-aisle aircraft Boeing builds.

The 757-300 carries 239 passengers. The 757-300s are expected to be delivered in spring 2003 and 2004, and the 737-700s will be delivered over a three-year period beginning in March 2003. CIT leases planes to more than 90 airline customers.