Spain's Iberia plans to increase long-haul fleet to 70 aircraft

By Corina Pons

MADRID (Reuters) -Iberia expects to increase its fleet of long-haul aircraft to 70 planes from 45 by the middle of the next decade, the Spanish airline said in a strategic plan released on Wednesday.

Owned by International Consolidated Airlines, Iberia plans to invest 6 billion euros ($6.90 billion) as part of the plan.

Iberia CEO Marco Sansavini told reporters that 70% of the investment needed for the fleet expansion will come mainly from its own cash flow. The company will also add four short-haul jets in 2026 and 2027, he said.

"All our fleet will comprise Airbus airplanes, which allows us to be efficient," Sansavini said.

The airline, part of a group that includes British Airways, Aer Lingus and Vueling, will continue to lead on routes between Europe and Latin America from its Madrid hub.

It also plans to add direct flights to Toronto, Philadelphia and Monterrey in Mexico in response to strong sales performance in North America, Sansavini said.

($1 = 0.8694 euros)

(Reporting by Corina Pons and Inti Landauro; Editing by Charlie Devereux and Rachna Uppal)