Israel Aerospace Industries (IAI) announced on Monday it will convert 30 Airbus A330-300 jets from holding passengers to cargo, as part of an agreement with Dublin-based aircraft leasing company Avolon.
The conversion, set to be started in 2025 and completed by 2028, is due to the projected doubling of cargo aircraft traffic in the next 20 years, according to IAI.
Avalon, the third-largest aircraft leasing company in the world, holds a fleet of 837 aircrafts as of June 2021. It will be the first company to convert the Airbus A330-300 to freighters and will take part in the conversion and licensing process.
In addition to being the first in the world to perform a conversion of the A330-300, IAI was also the first to convert the B777-300ER aircraft.
"IAI has proven time and again its leading position as the powerhouse of cargo conversions, globally. I am grateful to our partners at Avolon for their faith in our abilities," said IAI President and CEO Boaz Levy.
"This partnership with IAI signals Avolon’s intention to be a leading player in the expansion of the cargo aircraft industry," said Avolon CEO Dómhnal Slattery.
"We have identified IAI as a long-time global leader in the aircraft conversion business and the right partner for Avolon to capitalize on the unparalleled growth in e-commerce," Slattery added.