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WASHINGTON (AFP) –
American Boeing will take control of the Brazilian Embraer's civil activities, as part of a joint venture valued at $ 4.75 billion that will allow it to compete with the European Airbus in the segment
The new group of closed assets will be controlled 80% by Boeing and will occupy Embraer's activities in the field of 39 "commercial and service aviation", excluding the defense sector and Lee: The US Treasury revokes licenses to Boeing and Airbus to sell aircraft to Iran
The final agreement will be subject to the approval of the Brazilian government, which since the privatization of Embraer in 1994, retains a "golden share" which gives it a veto in the strategic affairs of the company. 39; company.
The two companies "will position themselves to offer a n full portfolio of highly complementary commercial aircraft (from 70 to over 450 seats), with the exception of cargo aircraft," the statement said. [19659003] The transaction will allow Boeing to complete its portfolio with planes with a capacity of up to 150
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The Memorandum of Understanding was announced a few days after the sealed alliance between Airbus and Canadian Bombardier to manufacture medium-range C-series aircraft competing with aircraft. Embraer.
The company's headquarters will be at Embraer's facilities in Sao Jose dos Campos (State of Sao Paulo), but Boeing will have "operational control and management of the new company" and will be under the direct supervision of Boeing CEO Dennis Mui lenburg, says the text.
"The business combination with Boeing must generate a new virtuous circle for the Brazilian aerospace industry, with greater sales potential, increased production, creation of Jobs and revenues, investments and exports, adding value to shareholders and employees, "said Embraer President Paulo Caesar de Souza e Silva. Lee: Boeing wins the coveted order by American Airlines from a jumbo jet .
It is expected that the partnership will be counted from 2020 in the capital of Boeing.
with sharp increases in recent months the prospect of a rapprochement between Boeing and Embraer, however, received the announcement on Thursday with a terrible sense of humor: shortly after midday, Embraer shares at the Sao Paulo stock market sank more than 15%.
According to Jason Vieira, Infinity Assets consultant, there may be a "profit-making" in this collapse, but also some disappointment for "evaluating something less than expected" from the new alliance.
In New York, Boeing shares opened 0.26%.
Promotion of the KC-390 military aircraft
The Embraer defense and executive aviation area will not be part of the new group.
But the two firms will create a second joint structure "to promote defense products and services, including Embraer's K-390 multi-mission aircraft," the document says.
The agreement allows Boeing to position itself in the face of its great competitor, the European Airbus, which has recently allied with the Canadian Bombardier, competitor of Embraer, in the battle for the conquest of the sky as new competitors emerge as well.
Embraer is the world 's third largest aircraft manufacturer, with a business figure of about 6,000 million and 16,000 employees. Privatized in 1994, it is one of Brazil's industrial gems with a range of civilian, military and business jets.
Boeing, US giant aerospace, made a profit of $ 2.5 billion in the first quarter, 56.9% more than in the same period of 2017. Revenues rose 6.5 % to 23,400 million over the period.
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