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CHINA : Embraer, China Minsheng Sign Deal For 20 Jets
Publish Date : 22-Jul-2011
Brazil\'s Embraer signed a preliminary agreement to sell as many as 20 executive jets to China Minsheng Banking Co. Embraer expects the agreement will be converted into a firm order in the next five years, the company said in a statement. Deliveries will start this year.
The statement did not specify whether the orders were for the Legacy 600 and Legacy 650 models, which are to be produced in China in a venture with local planemaker AVIC. Embraer reached a deal in April to start assembly in China, giving the world\'s biggest maker of regional aircraft a lifeline in a massive market where its future was in doubt.
Embraer\'s backlog of firm orders rose to $16 billion at the end of the first quarter, although sales in China showed little improvement in the period, drawing concerns from some analysts.
Voting shares of the company lost 2.5 percent to 10.97 reais in Sao Paulo. The stock has shed about 6 percent this year, compared with a 14 percent drop in the country\'s benchmark Bovespa index.
