Boeing, Embraer defend planned deal, expect regulatory approval
Reuters
Published Jul 16, 2018 07:50AM ET
Boeing, Embraer defend planned deal, expect regulatory approval
FARNBOROUGH, England (Reuters) - Top Boeing Co (N:BA) and Embraer SA (SA:EMBR3) executives on Monday defended their planned commercial aircraft partnership, saying they were confident it would win regulatory approval.
"I can't anticipate that anyone will be against this project given the benefits that this will bring to Brazil," Embraer's Paulo Cesar de Souza e Silva told a news briefing at Farnborough Air Show. "Who can be against more jobs, more exports, more technology, more access to capital?"
The companies this month said they had struck a deal under which Boeing will take a controlling stake in Embraer's commercial aircraft arm in a new $4.75 billion joint venture that will reshape a global passenger jet duopoly.
The new company, encompassing Embraer's airliner business, thrusts Boeing into the lower end of the market, giving stiffer competition to the CSeries jets designed by Canada's Bombardier Inc (TO:BBDb) which are backed by European rival Airbus SE (PA:AIR).
Boeing CEO Dennis Muilenburg said the deal would mark a defining moment in Boeing's history and that there was "great alignment" between the companies.
He said the deal would allow Boeing to go to customers with combinations of fleet services between the 737 MAX airplane and E2 family, and offer other values in technology and services.
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Written By: Reuters
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