Bombardier bags $432 million order for 15 Q400 turboprops

Pinnacle Airlines Corp.'s Colgan Air unit will buy 15 of Bombardier Inc.'s Q400 turboprops valued at about $432 million in order to expand its regional service. While 10 firm orders have been placed the carrier has options for another five, according to a statement by Montreal-based Bombardier.

The planes are scheduled for delivery between August 2010 and April 2011.

Bombardier is already in the process of winding down production of earlier versions of its turboprops and shifting focus to the more fuel-efficient Q400. The version has gained popularity with regional carriers looking to reduce operating expenses.

Buying the Q400 is "a financially sound move for Colgan as we grow our fleet to compete in a cost-conscious environment," Philip Trenary, chief executive officer of Memphis, Tennessee- based Pinnacle, said in a separate statement.