In 2003, IAI/Bedek (Israel Aerospace Industries Ltd.) teamed with the Eolia Group (a specialist investor in emerging opportunities in the aerospace sector), to create a joint venture company, PSF Conversions LLP, for the specific purpose of bringing the Boeing 747-400 ("744") passenger and combi aircraft to special freighter conversion programme to the market.
PSF formally commenced its programme to develop supplemental type certificates ("STC's") for the conversion of passenger ("pax") and ("combi") 744 aircraft to special freighter configuration in December 2003.
In May 2006, IAI/Bedek obtained, on behalf of PSF, STC Number ST01676SE for the B747-400 combi aircraft conversion from the FAA and obtained a pax STC in October 2006 (STC Number ST01706SE). In line with this IAI/Bedek has obtained STC approval from EASA under STC Number EASA IM.A.S.02040 (combi) and EASA IM.A.S 02039 (pax).
PSF has sub-contracted development and support of the STC's to IAI/Bedek which has a world class reputation for its aircraft conversion and maintenance work. In particular, IAI/Bedek provides extensive aircraft conversion, modification, upgrading and maintenance services for the entire spectrum of Boeing series aircraft.
PSF and IAI/Bedek have also developed an innovative tripartite conversion and maintenance agreement to optimise the contractual relationship between PSF, its customers and IAI/Bedek.