Embraer Defense and Security Increases its Stake in Portugal's OGMA
- Agreement strengthens partnership between Brazil and the European Union
Embraer Defense and Security signed last January 27 an agreement to acquire 30% of the shares representing the capital of AIRHOLDING, SGPS, S.A., from the European Aeronautic Defense and Space Company (EADS).
The AIRHOLDING, SGPS, S.A. is a consortium formed in 2005 by Embraer and EADS, incorporated in Portugal with the specific purpose of holding a 65% stake in OGMA. With this new agreement, Embraer takes full control over AIRHOLDING stake, while the Portuguese government holds the remaining 35% share through EMPORDEF – Portuguese Defense Company.
The Military Aircraft Modernisation, Upgrade & Retrofit Market 2013-2023
“This is an additional investment in Portugal, in order to strengthen the strategic partnership between Brazil and the European Union”, said Luiz Carlos Aguiar, President of Embraer Defense and Security. The final transfer should occur after the approval of the Portuguese competition regulators within the next 30 to 90 business days.
OGMA provides maintenance and repair for military and civilian aircraft, engines and components, as well as manufacturing and assembly of aircraft structures.
Source : Embraer - Empresa Brasileira de Aeronautica S.A. (NYSE: ERJ)
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