Embraer is selling its Évora, Portugal-based metal and composite aerostructures subsidiaries to Aernnova for $172 million, with closing expected by April, the companies announced today. The Embraer Metálicas and Embraer Compósitos industrial units produce parts for wings and vertical and horizontal stabilizers for the Embraer Praetor 500 and 600 business jets, E-Jet airliners, and KC-390 military transport.
When the deal is completed later this quarter, Aernnova will simultaneously assume the operation of the industrial plants in Évora and sign a supply agreement to continue manufacturing production packages for these Embraer aircraft. The Évora facilities, which span a total of about 740,000 sq ft and employ around 500 people, will constitute Aernnova’s largest production center. The deal will also strengthen Aernnova’s position as a Tier 1 supplier for narrowbody airliners and improve its presence in the business aircraft and defense aerospace markets.
“This partnership with Aernnova…will allow for increasing the occupation level of the factories in Évora, to diversify its client base and to bring new business opportunities,” said Embraer president and CEO Francisco Gomes Neto. “This agreement is an important step towards the footprint optimization strategic initiative, which aims to make better use of our assets and improve the company’s profitability.”