Boeing pulls out of Czech firm

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Boeing is pulling out of Aero Vodochody, ending a six-year relationship with the bankrupt Czech aerospace company.

Boeing will reduce its 35% stake in Aero Vodochody to 10%; the Czech government, the majority shareholder, will raise its stake in the company to 90%.

The relationship was designed to boost the sales prospects of the L-159 trainer/light attack aircraft, but ultimately proved fruitless. Boeing Ceska president Thomas Ryan says the withdrawal is "the best solution for all the parties involved".