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Alaska Air buying 5 Boeing planes worth $481M

SEATTLE (AP) -- Alaska Airlines is exercising options to buy five Boeing 737-900ER planes worth $481 million.

The carrier's parent company is trying to establish growth of 4 percent to 8 percent a year for Alaska Airlines, said Mark Eliasen, vice president of finance and treasurer, and that the acquisitions will further than goal.

Two of the planes are expected to arrive in 2015, with another two aircraft anticipated in 2016 and one more in 2017.

The order supplements a firm order for the delivery of 31 Boeing planes by 2017's end.

Alaska Airlines — a subsidiary of Alaska Air Group Inc. — expects to have 134 Boeing 737s in its fleet by the end of next year.

Shares of Alaska Air Group fell $1.08 to $62.51 in Monday morning trading, while Boeing Co.'s stock declined $1.88 to $116.86.