Aircraft
Embraer Shareholders Approve Joint Venture with Boeing
More than 96 percent of participating shareholders vote in favor of the transaction between the Brazilian and U.S. airframers.
A Skywest Airlines Embraer 175 (foreground) and an American Airlines Boeing 787-9 cross paths at Los Angeles International Airport. (Photo: Flickr: Creative Commons (BY-SA) by TDelCoro)
A Skywest Airlines Embraer 175 (foreground) and an American Airlines Boeing 787-9 cross paths at Los Angeles International Airport. (Photo: Flickr: Creative Commons (BY-SA) by TDelCoro)

Embraer received shareholder approval to proceed with its proposed strategic partnership with Boeing during a Tuesday morning general shareholders' meeting held at the Brazilian company’s headquarters in São Jose dos Campos. The proposal passed with 96.8 percent votes cast in favor of the transaction, while participation in the vote equated to 67 percent of all outstanding shares. The transaction values Embraer’s commercial aircraft operations at $5.26 billion and Boeing’s 80 percent share at $4.2 billion. A joint statement announcing the deal indicated that Boeing would take full operational and management control of the new company, but that a Brazil-based management team, including a president and CEO, will lead the joint venture and report to Boeing CEO Dennis Muilenburg.