Boeing and Embraer announced a joint venture in July as a way for the U.S. manufacturer to produce regional jets, reports USA Today.
Boeing will own 80% of the venture and Brazil-based Embraer 20%, the companies announced.
When finalized, the joint venture will be led by Brazil-based management, including a president and chief executive officer. Brazilian officials had rebuffed earlier efforts to work with Boeingfor fear of losing control of the company. But Boeing will have operational and management control of the new company, which will report directly to Boeing CEO Dennis Muilenburg.)
The joint venture will become one of Boeing's centers of excellence for end-to-end design, manufacturing, and support of commercial passenger aircraft with 70 to 450 seats. The venture will be fully integrated into Boeing's broader production and supply chain, the companies said.)
The move followed the rival partnership announced last October between European manufacturer Airbus and Canadian manufacturer Bombardier to build a plane called the C Series, with 100 to 150 seats. (Source: USA Today
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