Embraer will continue to operate its executive jets division by itself following the announcement of a huge partnership with Boeing.
The joint venture between Boeing and Embraer means Boeing will take a 80% stake in the commercial arm of the fellow aircraft manufacturer.
Boeing said that the joint venture comes after a long-standing partnership the two companies already have.
In a statement from Embraer, it was stated “the executive jets and defense & security business units, among others, will not be accessible to the New Partnership and will continue to be developed and operated by Embraer”.
Boeing’s 80% taking in the company is believed to be valued at $3.8bn.