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European commercial aircraft builder Airbus said Monday it has finalized an agreement with Singapore-based ST Aerospace and EADS EFW launching an industrial program to convert wide-bodied A330 passenger jets to freighters.

MAIN FACTS:

- ST Aerospace will lead the engineering work, while EADS EFW will handle the industrial phase and look after sales and marketing. Engineering development work is expected to start later this year.

- Most of the A330P2F conversions will take place at EADS EFW's facilities at Dresdnen, Germany, with the possibility for additional capacity at ST Aerospace.

-Airbus and EADS EFW are units of European Aeronautic Defence & Space Co NV (EAD.FR). ST Aerospace is a division of ST Engineering Ltd (S63.SG).

-ST Aerospace is subscribing to reserved capital increase for EADS EFW for a total consideration of EUR110.5 million, and will acquire a 35% stake in EADS EFW, comprising A330P2F engineering development work and cash injection. EADS will retain a 65% stake in EADS EFW and will have a call option on ST Aerospace's 35% shareholding during the engineering development phase.

- The final agreement follows a Memorandum of Understanding signed in Singapore in February.

- By David Pearson, Dow Jones Newswires; +331-4017-1740; david.pearson&dowjones.com