Embraer Inks Agreement for 3 Lineage 1000 Jets With China's Minsheng Financial Leasing

Embraer announced that the company has signed an agreement for three Lineage 1000 ultra-large executive jets with China’s Minsheng Financial Leasing Co., Ltd., one of the largest financial institutions providing executive jet leasing services in China. Announced in a press conference, today, at 2012 Singapore Airshow, the order is scheduled to begin delivering in 2012.

In July 2011, the two parties concluded a Memorandum of Understanding in which Minsheng Financial Leasing intended to purchase Embraer executive jets, from entry level to ultra-large models.

“The agreement reinforces Embraer’s already established partnership with Minsheng Financial Leasing,” said Ernest Edwards, President, Embraer Executive Jets. “This deal, having closely followed the order of 13 Legacy 650s last October, is solid proof of the recognition and faith our Chinese customers have placed in Embraer and its products. We are confident that Embraer executive jets will play an important role in Minsheng Financial Leasing efforts to become one of the top executive aviation leasing institutions in Asia.”

“We are delighted that the two parties could achieve this agreement on Lineage 1000 aircraft,” said Kong Linshan, Chairman of Minsheng Financial Leasing Co., Ltd. “Both parties wish to offer the best products and services to Chinese customers. The Lineage 1000, with its transoceanic range, ultimate comfort and safety, will surely satisfy the demands of Chinese customers. Embraer is one of the strategic partners for Minsheng Financial Leasing, and we do wish, through the joint efforts of two sides, to promote cooperation not only between the two parties but Sino-Brazil cooperation, as well as to achieve win-win, and boost the sound development of China’s business aviation.”

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China Defence and Security Report Q4 2012

Source: Embraer - Empresa Brasileira de Aeronautica S.A. (NYSE: ERJ)
Date: Feb 14, 2012