England–Russian cargo operator Volga-Dnepr Group finalized a deal with Boeing Co. on Tuesday (July 12) for 20 747- 8 freighters, providing a lifeline for the company’s venerable jumbo jet.
The deal, first announced at the 2015 Paris Air Show, gives Boeing 16 more orders to fill. Boeing supplied four freighters to Volga before the deal was even finalized, delivering the planes early to alleviate over-supply caused by a sharp fall in demand.
As of the end of June, Boeing held just 21 remaining orders for its 747. The company has significantly scaled back production of the jumbo jet and now plans to build just six annually, starting in September.