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After receiving the approval of the General Superintendence of Economic Defense, Boeing and Embraer move towards finalizing their strategic partnership.
Boeing and Embraer received unconditional approval for their strategic association from the General Superintendency (SG) of the Administrative Council for Economic Defense (CADE) in Brazil. The decision will be final within the next 15 days unless CADE commissioners request a review. The association has now received unconditional clearance from all regulatory jurisdictions with the exception of the European Commission., which continues to evaluate the agreement.
«This latest authorization is another endorsement of our association, that will bring greater competition to the regional jet aircraft market, better value for our customers and opportunities for our employees», said Marc Allen, presidente de Embraer Partnership & Group Operations de Boeing.
"Brazil's approval of the agreement 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 clients, but will also allow the growth of Embraer and the Brazilian aeronautical industry in general.".
Until now, an unconditional authorization has been granted in Brazil, USA, China, Japan, South Africa, Montenegro, Colombia and Kenya.
Boeing and Embraer have been in discussion with the European Commission since the end of 2018, and continue to engage with the Commission as it progresses in its assessment of the transaction.
"We have engaged productively with the Commission to demonstrate the pro-competitive nature of our planned partnership, and we hope for a positive result.", said Allen of Boeing. "Given the positive support we have seen from customers across Europe and the unconditional clearance we have received from any other regulator that has considered the transaction, "We hope to secure final approval of the transaction as soon as possible.".
The planned strategic partnership between the two manufacturers comprises two joint ventures: a joint venture comprised of Embraer's commercial aircraft operations and services (Boeing Brasil – Commercial) in which Boeing will have the 80 percent and Embraer will have the 20 percent; and another joint venture to promote and develop markets for the C-390 Millennium multi-mission transport aircraft (Boeing Embraer – Defending) in which Embraer will have a participation of 51 percent and Boeing will own the 49 remaining percent.
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