Boeing Makes Billion-Dollar Bet on the 747 Hauling Cargo
- Company buys its own jumbo jets and leases them to carriers
- UPS deal, cargo rebound may also help save 747 from demise
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Boeing Co. has a temporary plan to save the iconic but slow-selling 747 jumbo jetliner: buying its own planes and leasing them to cargo haulers.
With the effective shutdown by Congress of the U.S. Export-Import Bank -- which traditionally has helped overseas carriers purchase planes -- Boeing lost a key sales tool. Making matters worse, leasing companies have been hesitant to finance a plane with a dwindling customer base.