Boeing and Embraer partnership has been given a new name: Boeing Brasil – Commercial. After the takeover comes into force, Embraer name will fade out.

In the new joint venture company, the Boeing Company will have an 80 per cent stake worth $4.2 billion. Meanwhile, Embraer will operate remaining 20 per cent, although the name of the company will not be displayed.

Expanding horizons, now with a new name. Learn more about the next step in our pending joint venture with @Embraer. pic.twitter.com/u6okCTgbud

— The Boeing Company (@Boeing) May 23, 2019

According to the terms of the partnership, Boeing and Embraer will partner in the area of commercial aircraft and service operations. Defense and executive jet businesses are expected to remain under the control of the Brazilian manufacturer.

Although earlier this year both companies also agreed to a joint venture to promote and develop new markets for the multi-mission medium airlift KC-390. Under the terms of this proposed partnership, Embraer would own a 51 percent stake in the joint venture, with Boeing owning the remaining 49 percent.