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MIRABEL/CHICAGO: July 05, 2018. Following confirmation that a joint venture between Airbus and Bombardier to support the Canadian company’s C Series aircraft has become a reality, Boeing has announced it plans to establish a similar venture with Embraer.

A non-binding MoU signed this week proposes the formation of a new company combining the commercial aircraft and services business of Embraer with Boeing's commercial development, production, marketing and lifecycle services operations.

Embraer KC390Subject to government and stakeholder approvals that are expected in 2019, Boeing would hold an 80 percent ownership stake and Embraer the remainder. Boeing says Embraer's commercial aircraft operations are worth US$4.75 billion and suggests a value of US$3.8 billion for its 80 percent stake in the new company.

"The agreement with Boeing will create the most important strategic partnership in the aerospace industry, strengthening both companies' leadership in the global market," said Paulo Cesar de Souza e Silva, Embraer president and CEO "The business combination with Boeing is expected to create a virtuous cycle for the Brazilian aerospace industry, increasing its sales potential, production, creating jobs and income, investments and exports, and in doing so, adding more value to customers, shareholders and employees."

The joint venture will become one of Boeing's centers of excellence for end-to-end design, manufacturing and support of commercial passenger aircraft, and will be fully integrated into the manufacturer’s production and supply chain.

In addition to supporting Embraer’s commercial aircraft business, the manufacturers say they will create another joint venture to promote and develop new markets and applications for Embraer’s KC-390 multi-mission military aircraft (pictured) that has a cargo capacity of 28 tonnes.

"Joint investments in the global marketing of the KC-390, as well as a series of specific agreements in the fields of engineering, research and development and the supply chain, will enhance mutual benefits and further enhance the competitiveness of Boeing and Embraer," added Nelson Salgado, Embraer's executive vice president Financial and Investor Relations.

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