Boeing announced Saturday that it had been pulling from a $4.2 billion agreement to get the industrial airplane division of its own Brazilian rival Embraer.
The firms had intended to create a joint venture where Boeing would require an 80 percent stake in that branch.
However, Boeing said Saturday it was exercising its right to pull from a preliminary bargain reached in July 2018. It said in a statement, “Embraer didn’t meet the requirements.”
“Boeing has worked tirelessly on two or more years to finalize its trade using Embraer,” explained Marc Allen, the Boeing executive who headed the joint venture program.
He explained that over the last several months that the firms held extensive discussions on which he terms unsatisfied states from the first accord.
“All of us aimed to solve those by the first termination date, however, it did not occur,” Allen said, without even describing what the unresolved problems were.