Boeing Company (BA) and Embraer (ERJ) announced that the Government of Brazil approved their strategic partnership. Their joint venture will be made up of the commercial aircraft and services operations of Embraer. Boeing will hold an 80% ownership stake in the new company and Embraer will hold the remaining 20%.

The companies also agreed to the terms of another joint venture to promote and develop new markets for the multi-mission medium airlift KC-390. Under the terms of this proposed partnership, Embraer will own a 51% stake in the joint venture, with Boeing owning the remaining 49%.