9 JULY 2018
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Within days of Airbus formally purchasing Bombardier's C Series product (See BTN 11 June 2018), Boeing and Embraer have signed a Memorandum of Understanding for a strategic partnership to accelerate both companies’ growth in global aerospace markets.
The agreement proposes the formation of a joint venture comprising Embraer’s commercial aircraft and services business in a strategic alignment with Boeing’s commercial development, production, marketing and lifecycle services operations.
Boeing chairman, president and CEO Dennis Muilenberg said under the terms of the agreement, Boeing will hold an 80% ownership stake in the joint venture and Embraer will own the remaining 20%.
“By forging this strategic partnership, we will be ideally positioned to generate significant value for both companies’ customers, employees and shareholders – and for Brazil and the United States,” he added.
Embraer CEO and president Paulo Cesar de Souza e Silva said: “The agreement with Boeing will create the most important strategic partnership in the aerospace industry, strengthening both companies’ leadership in the global market.”
The joint venture will offer what Boeing called “a comprehensive, highly-complementary commercial airplane portfolio that ranges from 70 seats to more than 450 seats and freighters, offering best-in-class products and services”.
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