NewsPress-releasesNews

Boeing terminates agreement to establish joint ventures and Embraer responds

Boeing announced that it has terminated its Master Transaction Agreement (MTA) with Embraer, under which the two companies sought to establish a new level of strategic partnership.

The parties had planned to create a joint venture comprising Embraer’s commercial aviation business and a second joint venture to develop new markets for the C-390 Millennium medium airlift and air mobility aircraft.

Under the MTA, April 24, 2020, was the initial termination date, subject to extension by either party if certain conditions were met. Boeing exercised its rights to terminate after considerein that Embraer did not satisfy the necessary conditions.

Embraer declares that they believe that Boeing has wrongfully terminated the MTA. The company believes it is in full compliance with its obligations under the MTA and that it has satisfied all conditions required to be accomplished by April 24, 2020. Embraer will pursue all remedies against Boeing for the damages incurred by Embraer as a result of Boeing’s termination of the MTA.

The planned partnership between Boeing and Embraer had received unconditional approval from all necessary regulatory authorities, with the exception of the European Commission.

Boeing and Embraer will maintain their existing Master Teaming Agreement, originally signed in 2012 and expanded in 2016, to jointly market and support the C-390 Millennium military aircraft.

Companies: Boeing, Portal Embraer

Industries: Aerospace

Terms: Business, News Worldwide

Via
This article has been edited by Basalt.Today
Source
This article has been written on JEC Composites Magazine
Back to top button
X