The cancellation of the proposed Boeing-Embraer Joint Venture has prompted a war of words between the two companies.
Reacting to Boeing’s notice of termination of the Master Transaction Agreement (MTA) with Embraer, the Brazilian plane maker accused Boeing of wrongfully terminating the MTA. Boeing had 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, the company added.
The Brazilian company said that it would “pursue all remedies against Boeing” for the damages incurred by it as a result of Boeing’s wrongful termination and violation of the MTA.
Embraer said that it had fully complied with its obligations under the MTA and had satisfied all conditions required to be accomplished by April 24, 2020. “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 problems with its reputation,” it added.
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