Embraer S.A. and Telecomunicações Brasileiras S.A. (Telebras) signed a shareholder agreement, today, to form Visiona Tecnologia Espacial S.A., whose capital will belong 51% to Embraer and 49% to Telebras. Initially, Visiona will focus on the Brazilian Geosynchronous Satellite, in line with a Memorandum of Intent announced in November 2011.
The Brazilian Geosynchronous Satellite will serve the satellite communications needs of the Federal Government, including the National Broadband Program and a wide range of strategic defense transmissions.
Visiona’s head offices will be located in the Technological Park of the city of São José dos Campos, São Paulo, Brazil, where it will also become the leader of the Space Technology Development Center, working in partnership with Brazil’s most relevant aerospace educational and research organizations, and accelerating the capabilities of the Brazilian space industry.
“This project is a historic step for advancing the technological and industrial readiness of Brazil’s space industry, and Embraer is happy and proud to be the strategic partner of Telebras and the Brazilian Government in this important development,” said Frederico Curado, Embraer President and CEO.
Source: Embraer - Empresa Brasileira de Aeronautica S.A. (NYSE: ERJ)
Date: May 30, 2012