Israel Aerospace signs deal for Boeing 777 cargo conversions in South Korea

FILE PHOTO: An IAI cargo Boeing 777 flies over Masada during a flyover by IAI (Israel Aerospace Industries) planes on Israel’s Independence Day, which marks the 73rd anniversary of the creation of the state, Israel April 15, 2021. REUTERS/Amir Cohen/File Photo

JERUSALEM (Reuters) – Israel Aerospace Industries (IAI) said on Tuesday it plans to open a facility in South Korea’s Incheon International Airport to convert Boeing 777 passenger planes into freighters that will begin work in 2024.

Demand for cargo plane conversions has been on the rise with the increase in ecommerce and the decline in value of used planes during the COVID-19 pandemic.

State-owned IAI is currently developing a conversion method for the Boeing 777 and expects to finish the licensing process in 2023.

To meet expected demand for even more wide-body cargo planes capable of long hauls, IAI said it signed a memorandum of agreement with the Incheon International Airport and aviation service company Sharp Technics to use the new facility to convert six B777-300ER and one B777-200LR per year into freighters.

Financial details were not disclosed.

IAI currently converts Boeing 737, 747 and 767 passenger aircraft for cargo use.

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