Freightways is revamping its air fleet services to save money and handle bigger loads of express packages.
A unit of the courier and information management firm, Fieldair Holdings, is forming a joint venture with Airwork Holdings to operate three Boeing 737-400 freighter aircraft, which would replace its existing fleet of five Convair planes.
The managing director of Freightways Dean Bracewell said the new arrangement would save it about $3 million a year in capital costs, as well as reduced operating costs.
He said the new service would be up and running by May next year.
Earlier today, Freightways' share price was up 2 cents to $5.92.