Boeing and Embraer have signed a memorandum of understanding to establish a strategic partnership that positions both companies to accelerate growth in global aerospace markets. The non-binding agreement proposes the formation of a joint venture comprising the commercial aircraft and services business of Embraer that would strategically align with Boeing’s commercial development, production, marketing and lifecycle services operations. Under the terms of the agreement, Boeing will hold an 80 percent ownership stake in the joint venture and Embraer will own the remaining 20 percent. “By forging this strategic partnership, we will be ideally positioned to generate significant value for both companies’ customers, employees and shareholders – and for Brazil and the United States,” said Dennis Muilenburg, chief executive of Boeing. On finalization, the commercial aviation joint venture will be led by Brazil-based management, including a president and chief executive.