Embraer sells two subsidiaries to Spanish jet component manufacturer
Embraer has announced a new strategic partnership with Spanish plane component manufacturer Aernnova. The deal will see Aernnova acquire two of the Brazilian manufacturer’s wholly-owned subsidiaries: Embraer Metalicas and Embraer Compositos.
Under the new agreement, Aernnova purchased the two industrial units, which are located in the Aeronautical Industry Park of Evora in Portugal. The parties also agreed on a long-term supply partnership, which will increase the production rates of both companies and diversify their client base.
“We are pleased to announce this partnership with Aernnova, a world-renowned supplier in the aerostructures segment, which will allow for increasing the occupation level of the factories in Evora, to diversify its client base and to bring new business opportunities,” the president and chief executive officer of Embraer Francisco Gomes Neto said in a statement dated January 12, 2022.
“This agreement is an important step towards the footprint optimization strategic initiative, which aims to better use of our assets and improve the company’s profitability,” Neto added.
Following the terms of the agreement, Aernnova assumed control of operations at Embraer Metalicas and Embraer Compositos, and signed a long-term supply agreement to secure the existing production packages for Embraer aircraft.
“Evora facilities activity will add around $170 million to Aernnova’s revenues figure. The industrial capacity at Evora plants will also allow Aernnova to further expand Evora's current activities with new contracts either from Embraer or other aircraft manufacturers,” the statement reads.
Both parties expect to close the deal in Q1 2022.
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