Boeing and Brazil-based aerospace conglomerate Embraer have unveiled the name of a proposed joint venture to pursue new market opportunities for the latter's multimission tactical aircraft platform.
The Boeing Embraer-Defense JV will commence operations after the organization secures government regulatory approvals and satisfies closing conditions, Boeing said Monday.
Both companies plan to sell the C-390 Millennium aircraft, which is designed to carry troops and their cargo as well as support aerial refueling, airdrop, search-and-rescue, humanitarian and firefighting missions.
The Brazilian National Aviation Agency issued civil certification for the aircraft last year.
Jackson Schneider, president and CEO, of Embraer's defense and security business, said the partnership aims to increase the competitiveness of C-390 and expand its target markets worldwide.
Embraer will own 51 percent of the new entity and Boeing will hold the remaining 49 percent.
The two companies also formed a commercial aviation JV in which the Chicago-based plane maker will have an 80 percent stake.