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. Last Updated: 07/27/2016

Airbus Shuts Down Venture

Airbus said it will suspend a joint venture with Russia's United Aircraft Corporation converting narrow-body jetliners into cargo planes as demand has dropped and used jets are being bought for passenger use.

More demand for new and secondhand A320 and A321 single-aisle passenger jetliners and less for freighter versions led to the decision, Airbus said Friday.

Airbus, Irkut and UAC have been partners in the conversion venture for four years, Airbus said. Irkut and Airbus will continue making components for the single-aisle jet program, according to the statement.

(Bloomberg)