Le Lézard
Classified in: Tourism and vacations, Transportation, Business
Subject: JVN

Boeing and Embraer Welcome Brazilian Approval


CHICAGO and SÃO PAULO, Jan. 27, 2020 /PRNewswire/ -- Boeing [NYSE: BA] and Embraer [B3: EMBR3, NYSE: ERJ] welcome the unconditional approval of their strategic partnership by the Administrative Council for Economic Defense (CADE)'s General-Superintendence (SG) in Brazil. The decision will become final within the next 15 days unless a review is requested by CADE Commissioners. The partnership has now received unconditional clearance from every regulatory jurisdiction with the exception of the European Commission, which continues to assess the deal.

"This latest clearance is yet another endorsement of our partnership, which will bring greater competition to the regional jet marketplace, better value for our customers and opportunities for our employees," said Marc Allen, Boeing's president of Embraer Partnership & Group Operations.

"Brazil's approval of the deal is a clear demonstration of the pro-competitive nature of our partnership," said Francisco Gomes Neto, president and CEO of Embraer. "It will not only benefit our customers, but also allow the growth of Embraer and the Brazilian aeronautical industry as a whole."

Unconditional clearance has now been granted in Brazil, United States, China, Japan, South Africa, Montenegro, Colombia, and Kenya. 

Boeing and Embraer have been in discussion with the European Commission since late 2018, and continue to engage with the Commission as it proceeds through its assessment of the transaction.

"We have been productively engaged with the Commission to demonstrate the pro-competitive nature of our planned partnership, and we look forward to a positive outcome," Boeing's Allen said. "Given the positive endorsement we've seen from customers across Europe and the unconditional clearance we've received from every other regulator who has considered the transaction, we look forward to securing final approval for the transaction as soon as possible."

The planned strategic partnership between Embraer and Boeing comprises two joint ventures: one joint venture made up of the commercial aircraft and services operations of Embraer (Boeing Brasil ? Commercial) in which Boeing will own 80 percent and Embraer will hold 20 percent; and another joint venture to promote and develop markets for the multi-mission medium airlift C-390 Millennium (Boeing Embraer ? Defense) in which Embraer will own a 51 percent stake and Boeing will own the remaining 49 percent.

Forward-Looking Information Is Subject to Risk and Uncertainty

Certain statements in this release may be "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the proposed terms of the transaction, the ability of the parties to satisfy the conditions to executing or closing the transaction and the timing thereof, and the benefits and synergies of the proposed transaction, as well as any other statement that does not directly relate to any historical or current fact. Forward-looking statements are based on current assumptions about future events that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially from these forward-looking statements. As a result, these statements speak only as of the date they are made and neither party undertakes an obligation to update or revise any forward-looking statement, except as required by law. Specific factors that could cause actual results to differ materially from these forward-looking statements include the effect of global economic conditions, the ability of the parties to reach final agreement on a transaction, consummate such a transaction and realize anticipated synergies, and other important factors disclosed previously and from time to time in the filings of The Boeing Company and/or Embraer with the Securities and Exchange Commission.

Contact        
Allison Bone
Boeing Communications 
[email protected] 
+1 312-544-2002

Valtecio Alencar
Global Corporate Communications
Embraer 
[email protected] 
+55 11-3040-6891

SOURCE Boeing


These press releases may also interest you

at 18:15
Americas Gold and Silver Corporation ("Americas" or the "Company"), a growing North American precious metals producer, reports consolidated financial and operational results for the year ended December 31, 2023. This earnings release should be...

at 18:15
Westhaven Gold Corp. is pleased to announce that it has closed the final tranche of the non-brokered private placement announced on February 20, 2024. Westhaven has issued a total of 7,926,182 common shares that qualify as "flow-through shares" of...

at 18:03
Revenue Revenue for the year was $238.5, down $1.4 from sales of $239.9 in 2022. The Company's  sales were flat when compared to 2022 and 2021 included a fifteen month period due to the accounting change from September 30 to December 31. Twelve-month...

at 18:02
Buhler Industries Inc. ("Buhler Industries or the Company"), the manufacturer of Versatile and Farm King brands of farm equipment, has made operational restructuring changes in the first quarter of 2024 that is expected to result in significant full...

at 18:01
Buhler Versatile Inc. ("Versatile"), a wholly owned subsidiary of Buhler Industries Inc. (Buhler Industries or the Company), has received $14.4 million Canadian ($10.7 million USD) in additional long term financing from its majority owner Ba?ak...

at 18:00
Bridge Biotherapeutics (KQ288330), a South Korean clinical-stage biotech company developing novel drugs for cancer, fibrosis, and inflammation, announced a research collaboration with Dr. Jessica M. Konen's Lab at Emory University School of Medicine....



News published on and distributed by: