Embraer's Board ratifies agreement on Alliance with Boeing

Sao Paulo-the brazilian aircraft manufacturer Embraer reported that your Board of Directors ratified on Friday the terms of the agreement in December by the company for an alliance with u.s.-based Boeing. The decision came a day after the Government of President Jair Bolsonaro have announced that gave up the right of veto that has at Embraer for strategic issues. In fact, Embraer said that the Council authorised the conclusion of the Master Transaction Agreement, which contains the terms and conditions for the commercial aviation partnership. This agreement provides for the creation of a joint venture that will incorporate the area of Embraer's commercial aviation, which will have 20% of business, while the remaining 80% will be Boeing. The Council of the brazilian company also approved the "Contribution Agreement", which provides for the establishment of another joint venture, this to take care of the cargo aircraft KC-390, in which Embraer will have a participation of 51%, while Boeing will have the 49 by cent remnants. The deal announced in July it had approved in December by the boards of both companies.