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Thu, Jul 21, 2011

Embraer, Minsheng Financial Leasing Ink MoU For 20 Embraer Executive Jets

Brazilian Planemaker Continues Success In China

Embraer and Minsheng Financial Leasing, a subsidiary of China Minsheng Banking Co, signed a Memorandum of Understanding (MoU) in a ceremony held Tuesday at Embraer's headquarters in Sao Jose dos Campos, Sao Paulo, Brazil. According to the MoU, Minsheng Financial Leasing intends to purchase up to 20 of Embraer's full line of executive jets. They are expected to be fully converted into firm orders in the next five years and deliveries may commence in 2011.

"China's business aviation market, as one of the greatest potential markets in the world, continuing to signify the importance of business aviation in a global economy. We are glad to be selected as the partner of Minsheng Financial Leasing to jointly promote the development of China's executive aviation market. Both parties have full confidence that Embraer's full line of state-of-the-art executive products will surely satisfy China's market demands, to which the deal itself eloquently witnesses," said Ernest Edwards, President, Embraer Executive Jets.

"This MoU laid a solid foundation for Minsheng Financial Leasing to be the top executive aviation leasing institution in Asia, and for Embraer to strengthen its penetration of China's executive aviation market. Our company will continuously expand its executive jets fleet and Embraer will surely be our important partner. We look forward to a long-term partnership with Embraer to jointly promote the robust development of China's executive aviation market by taking advantage of each party's strengths," said Kong Linshan, Chairman Minsheng Financial Leasing.

With this MoU, Embraer says it further consolidates its presence in China's business aviation market, following the Company's announcement in April 2011 to cooperate with AVIC (Aviation Industry Corporation of China) to assemble business jets in China.

FMI: www.embraer.com

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