Brazil’s Embraer buys EADS share of Portugal’s OGMA
Aviation conglomerate Embraer has bought the 30 percent share that European aerospace giant EADS held in Portugal's OGMA aircraft maintenance company, the Brazilian company announced Monday.
The deal that Embraer’s Defense and Security unit signed with EADS on January 27 increases the Brazilian company’s stake in OGMA to 65 percent.
“This is an additional investment in Portugal to strengthen the strategic partnership between Brazil and the European Union,” said Luiz Carlos Aguiar, president of Embraer Defense and Security.
The Portuguese government holds the remaining 35 percent stake in OGMA, which provides maintenance and repair for military and civilian aircraft, as well as manufacturing and assembly of aircraft structures.
The transaction will be complete following approval by Portuguese competition regulators, which should come within the next 30 to 90 days.
Embraer is the world’s third largest commercial aircraft manufacturer, behind American Boeing and Europe’s Airbus. In 2010, it sold 101 commercial aircraft and 145 executive jets.