El Al Israel Airlines Ltd. (TASE: ELAL) is preparing for increased passenger traffic on its routes with a big purchase under the controls of CEO Eliezer Shkedi. El Al has bought four Boeing 737-900 ER (extended range) passenger jets from Boeing Company (NYSE: BA), and has an option to buy two more, for $215-320 million (depending on whether four or six planes are actually purchased).
The Boeing 737-900s will replace the Boeing 757s that El Al uses on its short and medium-haul routes to Europe. The new planes will have a range to commercial destinations within five hours flying time from Ben Gurion Airport.
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