NEW YORK (AP) — Boeing and the Brazilian jet maker Embraer will attempt to form a joint venture that would push the U.S. aerospace giant more aggressively into the regional aircraft market.
The new company, which has faced heavy scrutiny from lawmakers in Brazil, is being valued at about $4.7 billion.
The companies said Thursday that Boeing Co. will own 80 percent of the joint venture, and Embraer SA the remaining 20 percent.
Brazilian lawmakers have been hesitant to allow any deal, fearing the loss of control of a major industrial and defense asset.
Any partnership between Boeing, based in Chicago, and Embraer would counter strengthening ties between Europe's Airbus and Canada's Bombardier, which have threatened Boeing.