Sunday, 26 April 2020

Embraer says that Boeing wrongfully terminated the Master Transaction Agreement and are ready to take legal action.

Photo Embraer
The Brazillian aircraft manufacturer Embraer has announced this weekend that it has taken delivery of Boeing's notice of termination of the Master Transaction Agreement (MTA) with them and they are not in the least bit happy.  

Embraer believes strongly that Boeing has wrongfully terminated the MTA, that it has manufactured false claims as a pretext to seek to avoid its commitments to close the transaction and pay Embraer the US$4.2 billion purchase price.  It wouldn't be the first time the giant US aerospace company has deployed such tactics, Boeing has a long history of briefing misleading or incomplete information, in order to create an alternative narrative to support their own viewpoint.

Embraer says "We believe Boeing has engaged in a systematic pattern of delay and repeated violations of the MTA, because of its unwillingness to complete the transaction in light of its own financial condition and 737 MAX and other business and reputational problems."

Embraer has been in full compliance with its obligations under the MTA and that it has satisfied all conditions required to be accomplished by April 24, 2020, and the Brazilian's will pursue all remedies against Boeing for the damages incurred by Embraer as a result of Boeing's wrongful termination and violation of the MTA.

Embraer remains today a successful, efficient, diversified and vertically integrated company, with a history of serving customers with highly successful products and services built on a strong foundation of engineering and industrial capabilities. The firm has a long history, over 50 years and is now an exporter and technology developer, with global presence and defence, executive and commercial businesses. 

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