Airbus parent EADS has sold its 2.12% stake in Brazilian regional aircraft manufacturer Embraer, generating €124 million ($162 million) from the deal.
The ownership shift follows changes to Embraer’s ownership structure, says EADS, which have rendered the shareholding a “pure financial investment”. But EADS stresses that the divestment will not prevent it from further exploring areas of industrial co-operation with Embraer in the future.
EADS chief executives Tom Enders and Louis Gallois say: “We remain fully committed to our partnership with Embraer, which has matured over many years. Brazil and Latin America are important markets and we will continue to strengthen our industrial presence in the region.”
Following the sale, which generated proceeds of €124 million before taxes and bank fees, EADS says that its focus will be shifted to core matters and projects that will provide future growth opportunities.