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Brazil’s Embraer sells 100 aircraft to NetJets, shares rise By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO: An Embraer Phenom 300E plane displayed throughout the Latin American Enterprise Aviation Convention & Exhibition honest (LABACE) at Congonhas Airport in Sao Paulo, Brazil, August 14, 2018. REUTERS/Paulo Whitaker

By Gabriel Araujo

SAO PAULO (Reuters) – Embraer has signed a deal valued at greater than $1.2 billion to promote an extra 100 plane to NetJets, the Brazilian planemaker stated on Monday, sending its shares greater.

Embraer stated it expects to ship the Phenom 300E jets from the second quarter of 2023. NetJets is a U.S. firm that provides shared possession of personal enterprise jets.

Brazil-traded shares in Embraer have been up 6% at 26.25 reais in early afternoon buying and selling, outperforming the broader inventory index, which rose 0.70%.

NetJets, owned by Warren Buffett’s Berkshire Hathaway (NYSE:), plans to make use of the brand new plane in its U.S. and European operations, Embraer stated.

The deal additionally features a “complete” service contract, in response to Embraer.

A securities submitting stated Embraer’s settlement with NetJets is the second part of a 2010 deal during which the U.S. firm acquired 50 Phenom planes with an choice to buy an extra 75 plane.

Analysts at Information Investimentos stated the deal is optimistic for Embraer because it marks an operational resumption for the corporate, which was hit by the pandemic.

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