Boeing [NYSE: BA] has announced it has formed a joint venture with Embraer [B3: EMBR3] [NYSE: ERJ] to promote and develop new markets for the C-390 Millennium multi-mission airlift, the company said.
The air mobility aircraft will be called Boeing Embraer — Defense. The organization will only be operational after the companies´ joint venture receives regulatory approvals and meets closing conditions.
The C-390 Millennium is a tactical transport aircraft designed to set new standards in its category, while presenting the lowest life-cycle cost on the market. The aircraft brings airlift and air mobility into the jet age with increased mobility, rugged design, higher flexibility, state-of-the-art proven technology and easier, more efficient maintenance.
The C-390 Millennium received its Civil Certification from the Brazilian National Aviation Agency (ANAC) in 2018 and is now in full production.
Embraer will have 51 percent ownership of Boeing Embraer — Defense, with Boeing holding the remaining 49 percent. The C-390 Millennium partnership is one of two planned joint ventures between the companies. Boeing Brasil — Commercial will be a joint venture comprising the commercial aviation operations of Embraer, with 80 percent owned by Boeing and 20 percent owned by Embraer. Both joint ventures remain subject to regulatory approval and customary closing conditions. The companies expect their transaction to close in early 2020.