22/06/2012 EMBRAER AND AVIC ANNOUNCE JOINT VENTURE
During China´s Prime Minister Wen Jiabao’s visit to Brazil for the Rio+20 Conference, in a signing ceremony witnessed by leaders from both nations, Embraer S.A. (BOVESPA: EMBR3, NYSE: ERJ) and Aviation Industry Corporation of China (AVIC) signed an agreement to build Embraer’s Legacy 600/650 executive jets in China, using the infrastructure, financial resources and workforce of their joint venture Harbin Embraer Aircraft Industry Co., Ltd. (HEAI), which started operations in 2002.
The agreement is based on the understanding of both parties about the potential demand of China’s flourishing executive aviation market, and their wish to extend their decade-long strategic partnership. HEAI’s first executive jet is expected to be delivered by the end of 2013.
“Today´s announcement marks another milestone in the history of Embraer's long term commitment to China and of Brazil-Sino bilateral relations. This new phase of AVIC-Embraer partnership corroborates what has been referred to by state leaders of both countries as ‘a model of South-South cooperation’,” said Frederico Fleury Curado, Embraer President and CEO.
“The achievement of Sino-Brazil cooperation in the field of aviation is a hard-won, indispensable of the joint efforts from state leaders and the industry players of both countries.
The cooperation on executive jets manufacturing, as the continuation of what the two parties have attained via the joint venture, fits in the strategic development of all parties. It is undoubtedly a win-win strategic international cooperation.