Boeing and Embraer announced a memorandum of understanding to establish a strategic partnership to accelerate the growth of the global aerospace market.
The non-binding agreement proposes to form a $4.75 billion joint venture, including Embraer's commercial aircraft and services business, which will remain in line with Boeing's business development, production, marketing and lifecycle services businesses. . Under the terms of the agreement, Boeing will hold an 80% stake in the joint venture and Embraer will own the remaining 20%.
The joint venture will be one of Boeing's centers of excellence in end-to-end design, manufacturing and support for commercial airliners and will be fully integrated into Boeing's broader production and supply chain. Boeing and the joint venture will offer a portfolio of commercial aircraft ranging from 70 seats to more than 450 seats and cargo aircraft.
In addition, the two companies will establish another joint venture to promote and develop new markets and applications for defense products and services based on jointly identified opportunities, especially the KC-390 multi-mission aircraft.
The move will also lay the foundation for further development of Boeing's new mid-size aircraft, the "797", which competes with Airbus' A320neo jet. Like the 787 Dreamliner, the 797 will feature a fully composite fuselage, and Boeing is considering all options for making carbon fiber composites for jets, including new non-autoclaves and resin infusion methods. Embraer brings Boeing engineering talent that may be used in new midsize jets.
“By establishing this strategic partnership, we will create tremendous value for our customers, employees and shareholders, as well as Brazil and the United States,” said Dennis Muilenburg, Chairman, President and CEO of Boeing. “This important partnership is clearly in line with Boeing’s long-term strategy of investing in organic growth and returning value to shareholders, complemented by strategic arrangements to strengthen and accelerate our growth plans.”
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