Boeing has terminated an agreement to join forces with Brazilian jet maker Embraer.
The pair had planned to work together on Embraer¡¯s commercial aviation business and to develop new markets for its C-390 Millennium aircraft. They had been working toward an agreement for two years.
Embraer had historically been a leading rival to Montreal-based Bombardier Inc., which has now sold or agreed to sell its C Series and CRJ commercial jet business units to Airbus and Mitsubishi.
Boeing and Embraer announced their planned partnership in July 2018, shortly after Bombardier agreed to sell a majority stake in its C Series program to Airbus.
Boeing says Embraer did not meet conditions laid out by their deal.
The Chicago-based aircraft manufacturer would have held majority ownership in the joint venture. The abandoned deal had placed the value of the new company at more than $4 billion.
The collapse marked the latest mishap for Boeing. The company¡¯s bestselling plane, the 737 Max, has been grounded for more than a year after two deadly crashes that led to federal investigations. Those problems, combined with deflated demand for flights due to the pandemic, sharply reduced the company¡¯s cash.
