The agreement between IAI and Cargojet is valued at tens of millions of USD
Israel Aerospace Industries (IAI) has signed an agreement to carry out passenger-to-freighter (P2F) conversions for Cargojet Canada’s Cargo Airline. The agreement was signed as a result of the growing global demand for cargo aircraft, and includes the conversion of 4 B777-300ER aircraft and additional options in the future.
IAI has recently signed a number of new agreements for cargo conversions, including converting B777-300ER aircraft for Emirates and establishing new conversion lines worldwide, including in Abu Dhabi, Ethiopia, and other locations around the world. This agreement with Cargojet strengthens IAI’s strategy to expand its growing cargo conversion lines globally.
Cargojet is Canada’s leading provider of time sensitive premium air cargo services to all major cities across North America, providing dedicated ACMI and International Charter services and carries over 25,000,000 pounds of cargo weekly. Cargojet operates its network with a fleet of thirty-one (31) aircraft and is a long-term IAI customer for aircraft conversions. Currently, IAI is converting the first B777-300ER aircraft for AerCap Cargo, who are also the co-investor on the program, in a process which is expected to finish in 2022. This is the first conversion of this model in the world.
Boaz Levy, IAI President and CEO, said: “We have been experiencing a rise in demand for converted cargo aircraft. The rise in e-commerce, coupled with the COVID-19 pandemic, has resulted in cargo aircraft becoming a central player in the world of aviation. IAI has decades-long experience in aircraft cargo conversions, and combines advanced technologies with its expert production capabilities in aviation to provide the best solution on the market. Cargojet’s selection of IAI to carry out the B777-300ER aircraft conversions is a testament to the trust and customer satisfaction in IAI’s conversion process and in the final product, and we thank Cargojet for the trust they have placed in us.”
Paul Rinaldo, Cargojet’s Senior Vice President Maintenance & Engineering, said: “IAI is an important aviation partner and the B777-300ER conversions supports Cargojet’s international expansion and further strengthens the relationship between our two companies.”
IAI is home to Israel’s most advanced systems for land, sea, air and space. As the home of aviation in Israel, the company unites all activity in the field: maintenance (MRO), business jets, converting passenger aircraft to cargo configuration, hangars and aviation arrays, aircraft upgrading and more. With knowledge and accumulated experience in aviation spanning almost 70 years of the company’s existence, excellent human capital and groundbreaking technologies, the group is in line with the world’s leading aviation companies. Among its clients are some of the world’s leading companies, like Amazon, DHL, Lockheed Martin, Boeing, Gulfstream and more.