Embraer defence business feels COVID-19 pain
Despite Brazilian manufacturer Embraer making steady progress on key military programmes including the A-29 Super Tucano light attack and KC-390 tactical transport aircraft, the company’s defence and security business suffered a 17% decrease in Q1 2020 revenues compared to the same period in 2019.
During a quarterly earnings call on 1 June, initially delayed due to COVID-19 issues, senior executives also confirmed the company had resorted to arbitration proceedings against Boeing, following the latter’s decision to cancel a deal to buy Embraer’s commercial jet division.
Financial difficulties resulting from Boeing’s decision and COVID-19 complications primarily led to a net
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