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Boeing And Embraer Sign Agreement For Broad Business Cooperation To Benefit Customers And Support Industry Growth

Stocks in this article: BAERJ

WASHINGTON, April 9, 2012 /PRNewswire/ -- Embraer S.A. (BM&F Bovespa: EMBR3, NYSE: ERJ) and Boeing (NYSE: BA) today announced a cooperation agreement to work together to benefit their customers, their companies and the global aviation industry. The agreement establishes an important relationship between two of the world's largest aerospace companies to cooperate in ways that enhance operational efficiency, safety and productivity, improve customer satisfaction and create value for both companies and their customers.

Frederico Curado, President and CEO of Embraer S.A., and Jim Albaugh, President and CEO of Boeing Commercial Airplanes, signed the agreement during the visit of Brazil's President to the United States and following the annual meeting of the U.S.-Brazil CEO Forum, a public-private partnership between the United States and Brazilian Governments which brings together chief executive officers from both countries. Curado and Albaugh are co-chairs of the CEO Forum's aviation subcommittee.

Boeing and Embraer have agreed to pursue several areas of cooperation, including commercial aircraft features that enhance safety and efficiency, research and technology and sustainable aviation biofuels. They will also look for other areas to work together to bring mutual benefit and value to customers.

"This significant agreement between two proven aerospace leaders provides real opportunities to reduce customers' operational costs and enhance fleet efficiency," said Albaugh. "We look forward to working with Embraer to grow our industry and build a productive relationship that will benefit our companies and our countries."

"Embraer has a clear commitment towards innovation lato sensu as well as aviation safety and efficiency," said Curado. "I am certain that the collaboration with Boeing in some leading-edge matters will be beneficial for the industry and strengthen the ties between Brazil and the United States."

The announcement by Embraer and Boeing was made on the same day as the signing by the Brazilian and United States Governments of a Memorandum of Understanding on the Aviation Partnership, to expand and deepen cooperation between the two countries on civil aviation, by facilitating the liaison between government agencies and increase private sector cooperation and awareness, creating economic partnerships and promoting investments.

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