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The Associated Press March 7, 2011, 8:50AM ET

IAG purchases Airbus planes for Iberia fleet

International Airlines Group SA, formed in January by the merger of British Airways PLC and Iberia SA, says it has agreed to buy eight A330-300 Airbus aircraft and take options for eight more planes for Iberia's longhaul fleet.

IAG said Monday that the aircraft will be delivered between autumn 2012 and spring 2014 to replace up to 16 Airbus A340 family aircraft.

IAG didn't provide financial terms.

The new aircraft will be around 15 percent more fuel efficient than the aircraft that they replace.

Iberia's current longhaul fleet consists of 18 A340-300 and 17 A340-600 aircraft.

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