Boeing seals joint venture with Embraer

Saturday, 06 Jul, 2018 0

Boeing has announced a major $4.75 billion venture with Brazilian plane maker Embraer as it takes the fight to Airbus for the regional jet market.

Under the terms of the JV Boeing will have a 80% share of the partnership of Embraer’s commercial jet business with the remaining 20% held by the Brazilian firm.

The deal gives Boeing an expanded presence in the 100-seater plane market.

It is a timely development as Airbus is soon to take over production of Bombardier’s C Series jet production program.

"For Embraer, it means that we will have better access to markets with Boeing," said Embraer’s chief executive officer Paulo Cesar de Souza e Silva.

"Boeing also values a lot the way that Embraer designs, develops and engineers aircraft."

The two companies had been in talks over a long period, which seems to have took extra urgency since the Airbus-Bombardier partnership was revealed.

Embraer’s military and private jet businesses are not part of the JV and will continue to operate separately.

The new JV will be overseen by a Brazil-based CEO and management with Boeing CEO Dennis Muilenburg having overall executive control.

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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