WASHINGTON, US - Partnership talks between Boeing and Brazilian aircraft manufacturer Embraer are making progress but there is "still work to do," Boeing CEO Dennis Muilenburg says.
Boeing is pursuing a deal with Embraer which would give the American aerospace giant access to the Brazilian company's line of smaller jets - helping it compete with Canada's Bombardier, which has a partnership with Boeing European rival Airbus.
The Boeing-Embraer link, however, has faced opposition from the Brazilian government, which must approve any deal.
US aerospace giant Boeing and Brazil's Embraer said on Thursday they were in talks "on a possible combination" but cautioned that there was no guarantee of a deal...
26 Dec 2017
"We're respectful of the concerns the Brazilian government has raised around sovereignty and their national defence," Muilenburg told CNBC.
"We believe we've structured a deal concept that will satisfy the needs of everybody involved. So we're making progress."
He once again touted the benefits of the merger.
"We've got complementary product lines, complementary services," he said. "Embraer has vertical capabilities that fit with our strategy going forward."
The deal would reportedly form a joint unit to produce Embraer commercial jets while allowing the Brazilian government to have a decision-making role.
But Embraer's defence aviation business would remain under Brazilian control, said a source, who spoke on condition of anonymity.
Privatised in 1994, Embraer is the world's third-largest aircraft maker, with annual revenues of $6bn, and 16,000 employees as well as commercial, defence and business jet product lines, making it a prized industrial player in Brazil.
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