atlas to convert up to 10 freighters

[treetopflyer]

this announced yesterday on company website and SEC filing 8K

 

[Whale Rider]

Yep, I heard they're Ex-United 747-400's

 

[treetopflyer]

it sounds as though they are to replace current classic airframes, and not all growth; but either way its good to get new aircraft.

 

[iaflyer]

Press release

[font=Arial, Helvetica, sans-serif]Atlas Air Worldwide Holdings, Inc., a leading provider of global air cargo services, has entered into a slot conversion agreement with Israel Aircraft Industries Ltd. (“IAI”) and PSF Conversions LLP under which AAWW would be able to convert four Boeing 747-400 passenger aircraft to freighter configuration during the period from late 2007 to mid-2008.[/font] [font=Arial, Helvetica, sans-serif]The agreement also includes an option covering the modification of up to six additional Boeing 747-400 passenger aircraft to Boeing 747 special freighter (“747SF”) aircraft during the period from 2009 to 2011.[/font]

[font=Arial, Helvetica, sans-serif]All work under the agreement will be carried out at IAI’s Bedek Aviation Group facilities in Israel pursuant to Federal Aviation Administration- and European Aviation Safety Agency-approved certifications developed by PSF Conversions LLP. Financial terms were not disclosed.[/font]

[font=Arial, Helvetica, sans-serif]“The agreement that we announced today is the first step in a broader fleet renewal campaign that’s intended to help us grow our business and strengthen our leadership position in the air cargo industry,” said Jeffrey H. Erickson, President and Chief Executive Officer of AAWW. “While we will continue to review the number and the type of aircraft that make up our fleet, introducing the 747SF to our fleet would help us to improve our business and product mix, provide customers with additional lift capacity, and replace aircraft in our fleet as they age.”[/font]

[font=Arial, Helvetica, sans-serif]Mr. Erickson added: “It’s also important to note that there are only a few facilities, each with only a limited number of available slots, where the work we have in mind can be performed. With this agreement, we have secured a valuable opportunity to be among the first in the industry who could benefit in any meaningful way from the conversion of 747 passenger aircraft to freighter configuration.”[/font]

[font=Arial, Helvetica, sans-serif]David Arzi, Vice President and General Manager of IAI’s Bedek Aviation Group said: “We are very pleased by our long-standing relationship with Atlas, and are honored to have them as our customer for 747 conversions.”[/font]

[font=Arial, Helvetica, sans-serif]AAWW operates the world’s largest fleet of Boeing 747 freighter aircraft. Its 43 aircraft include 20 B747-400s and 23 B747 Classics (21 B747-200s, one B747-100, and one B747-300).[/font]