Empresa Brasileira de Aeronautica SA won a $746 million order for its Phenom executive jet from Flight Options LLC, its biggest ever for the model as the company seeks to diversify from commercial aircraft.

Cleveland-based Flight Options ordered 100 Phenom 300 corporate jets and acquired options for an additional 50 aircraft, Sao Jose dos Campos, Brazil-based Embraer said today in an e-mailed statement. The value will increase to $1.12 billion if the options are exercised.

Photo Embraer

Embraer also signed a deal valued at more than $200 million to maintain and support the aircraft. The six-seat Phenom 100 and the nine-seat Phenom 300 are helping Embraer, the world's fourth- largest planemaker, reduce dependence on commercial jets. Total deliveries will rise to as much as 215 next year and 350 in 2009, from 170 this year, aided by the Phenom, Embraer said last month.

Embraer's shares rose or 20 centavos, or 1 percent, to 19.80 reais at 12:11 a.m. Sao Paolo time. The stock had dropped 11 percent this year before today, compared with a 42 percent gain in the Bovespa benchmark stock index.

Flight Options offers leasing and fractional ownership of business jets. The company also offers trips in private jets through its membership program.

Europe's Airbus SAS is the world's largest planemaker, followed by Boeing Co. in Chicago and Canada's Bombardier

News Credits Bloomberg.com