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Despite the uncertainties that permeate the agreement between Embraer and Boeing, the market assesses the partnership as necessary for the survival of the Brazilian company, facing the global movement of commercial aviation consolidation.
"Bombardier and Airbus had already entered into a partnership and Boeing was looking for a strategic partner to compete on an equal footing.If Embraer did not agree, the chance of Brazilian society to cease to exist in the medium and long term was great, "assesses the coordinator of the Armada Alvares Penteado Foundation's economics course (Faap), Paulo Dutra
Embraer and Boeing announced a non-binding agreement for the creation of a joint venture which envisages the commercial and business aviation services of the Brazilian company. According to the memorandum, Boeing paid US $ 3.8 billion for 80% of the new company.
For the coordinator of the Merger, Acquisition and Evaluation Course of the Fundação Getulio Vargas' Continuing Education Program, Oscar Malvessi, the agreement, if implemented, will allow Embraer to To be competitive. "The company would not be able to compete alone with such larger companies."
Last October, Airbus and Bombardier announced a partnership in the mid-size commercial jet program. "The two companies have created a division solely for the US market, in response to protectionist tariffs imposed by the US government.This market is one of the strongest for Embraer and the company has suffered a lot from this competition. ", says Álvaro Frasson, an analyst at Spinelli. He believes that with the partnership with Boeing, new channels will be opened for Embraer. "The company will absorb an increased customer base and capillarity in the world." Despite this optimism, Embraer shares recorded yesterday the largest decline in B3 (-14.29), closing the day at R $ 23.10). For Frasson, this stems from the lack of clarity of the operation and the amount paid. "The market is expecting more money because it is the most important unit of the company. There are also commercial uncertainties, bureaucratic approvals still necessary. It is necessary to be clear on what will be the structure and how will the divisions of defense and business aircraft. "
Another point of doubt relates to the impacts on the hand-of-d & # 39; 39, work of Embraer factory of São José dos Campos (SP). "I believe that the initial adjustments will be made, but in the medium and long term, there will be gains and expansion of the factory ", says Malvessi.
Ibmec / SP MBA Coordinator, Rina Pereira, also believes that the agreement will bring investments sites." The goal of the agreement is to provide more ". planes, which should lead to an increase in structure and contracts. "
Dutra stresses that the fact that the headquarters of Joint Command Ve nture in Brazil reports a trust in Embraer 's operation. "This shows that Boeing wants to continue to produce and develop the technology here.The main advantage of the partnership is to allow access to several markets, which will increase the demand for Embraer aircraft." investments here is greater. "The Faap coordinator also points out that the joint venture will strengthen a sales channel for parts. "Brazil is already exporting the autopilot to Boeing, which is a cheaper technology here.This agreement allows for greater technology exchange and guarantees access with less bureaucracy."
Chinese Competition [19659012] For the experts, these partnerships are part of a long-term strategy against Chinese competition. The state-owned China Commercial Aircraft (Comac) plans to manufacture aircraft at much lower prices than its competitors. In an interview with DCI last year, the company outlined its ambitions. "There are two very famous aircraft makers," said Shen Jiaqi, a Comac administration official, referring to Airbus and Boeing. "Our ambition is to become a company as powerful as forming an ABC," he added.
In 2017, the Comac C919 jet, the first commercial aircraft fully developed in China, makes its first flight test. The Asian market is growing and relevant for Embraer, which has even produced commercial aircraft in China through a joint venture . "This agreement provided for the transfer of technology.It is possible that the Chinese, equipped with know how create a regional company and compete with Embraer," says Dutra.For Frasson, rivals of this size also motivated Brazil to conclude the agreement with Boeing. "If he did not move, he would stay behind. If it was not for Embraer, Boeing would close with another company. "/ Adriane Castilho collaborated
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