December 24, 2023 | International, Aerospace
January 11, 2019 | International, Aerospace
Embraer and Boeing Welcome Brazilian Government Approval of Strategic Partnership
SAO PAULO and CHICAGO, Jan. 10, 2019 /PRNewswire/ -- Embraer [B3: EMBR3, NYSE: ERJ] and Boeing [NYSE: BA] have welcomed approval by the Government of Brazil of the strategic partnership that will position both companies to accelerate growth in global aerospace markets.
The government's approval comes after the two companies last month approved terms for the joint venture that will be made up of the commercial aircraft and services operations of Embraer. Boeing will hold an 80 percent ownership stake in the new company and Embraer will hold the remaining 20 percent.
The companies have also agreed to the terms of another joint venture to promote and develop new markets for the multi-mission medium airlift KC-390. Under the terms of this proposed partnership, Embraer will own a 51 percent stake in the joint venture, with Boeing owning the remaining 49 percent.
Once Embraer's Board of Directors ratifies its prior approval, the two companies will then execute definitive transaction documents. The closing of the transaction will be subject to shareholder and regulatory approvals and customary closing conditions. Assuming the approvals are received in a timely manner, the transaction is intended to close by the end of 2019.
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.
Media Contacts:
Chaz Bickers
Boeing Communications
charles.n.bickers@boeing.com
312-544-2002
Valtecio Alencar
Global Corporate Communications
Embraer
Valtecio.alencar@embraer.com.br
11-3040-6891
SOURCE Boeing
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January 4, 2019 | International, Aerospace
Croatia gives Israel deadline for sale of US-made fighter jets
Croatia urges Israel to overcome disagreement with the US by January 11 or says it will cancel deal. Croatia has urged Israel to overcome a rare disagreement with the United States and to confirm it can carry through on a deal to sell 12 used American-made fighter jets. Croatia's Defence Ministry said on Thursday it needed an answer from Israel by January 11 or the Balkan country's $500m order for a dozen F-16 aircraft would be cancelled. Israel made a tentative deal to sell the upgraded F-16 Barak fighters to Croatia in March pending US approval for allowing the jets to go to a third party. The deal ran into trouble after the US State Department hinted that Israel needs to strip off the upgrades that were added after Israel took delivery of the planes from the US some 30 years ago. Israel upgraded the jets with sophisticated electronic and radar systems, which was crucial in Croatia's decision to buy the planes from Israel rather than from the US. "If the planes are not in accordance with what we have agreed, the deal will not be carried out and we will have another purchase bid," Croatia's parliament speaker, Gordan Jandrokovic, said. Relations between the Trump administration and Israel have been very close, particularly on defence issues. But the sale of the jets to Croatia appears to be an exception. US Secretary of State Mike Pompeo and Israeli Prime Minister Benjamin Netanyahu met on Tuesday in Brazil but didn't agree on a way to end the impasse. "We are expecting final and clear stands from both Israel and the United States on this issue and then we will make a final decision," Croatian Prime Minister Andrej Plenkovic said. Croatian Defence Minister Damir Krsticevic said Thursday that Israel provided guarantees during the contract bidding process that US officials would greenlight the sale. The controversy over the bid has triggered calls for the defence minister's resignation. The deal is Croatia's largest single military buy since it split from the Yugoslav federationduring the 1991-95 war. NATO member Croatia faces a mini arms race with Russian ally Serbia, which recently received six used Russian MiG-29 fighter jets. SOURCE: NEWS AGENCIES https://www.aljazeera.com/news/europe/2019/01/croatia-israel-deadline-sale-fighter-jets-190103180521852.html