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Brazilian plane producer Embraer, a outstanding participant within the Aerospace & Protection business with a market cap of $2470.88M in accordance with InvestingPro, has signed a non-binding memorandum of understanding (MOU) with SIA Engineering’s Philippines unit (SIAEP) to discover upkeep, restore, and overhaul (MRO) alternatives for the E-Jet E2 household plane. The settlement was signed throughout the MRO Asia-Pacific occasion in Singapore on Wednesday.
Frank Stevens, Vice President of International MRO Facilities for Embraer, acknowledged that the MOU “lays a great basis” for additional assist of the rising E-Jet E2 fleet within the Asia-Pacific area. He additionally acknowledged SIAEP’s years of dedication and assist to Embraer’s E-Jet operators within the area.
Jeremy Yew, SIAEC’s Senior Vice President Base Upkeep, expressed his anticipation about extending SIAEP’s present partnership with Embraer to incorporate high quality and environment friendly base upkeep providers for the E2 fleet in Asia-Pacific.
InvestingPro information reveals that Embraer’s income development has been accelerating, with a reported development of 24.49% LTM2023.Q2, and its liquid property exceed short-term obligations. This monetary stability, coupled with the truth that analysts predict the corporate might be worthwhile this yr, as per InvestingPro Suggestions, may doubtlessly make this partnership extra helpful for SIAEP.
SIAEP has been a licensed service middle for Embraer’s first-generation E-Jets within the Asia-Pacific area since 2017. The latest collaboration comes as Embraer prepares to ship its first batch of E2s subsequent yr to Southeast Asian operators Scoot and SKS Airways of Malaysia.
Earlier this week, on Monday, Scoot additionally signed a element pooling settlement with Embraer for its incoming fleet of E190-E2s. Each Scoot and SKS Airways introduced their commitments to the E2 regional jets earlier this yr. Scoot has signed a lease for 9 E190-E2s, whereas SKS is taking 10 E195-E2s on lease.
In a separate improvement, SIAEC’s element three way partnership renewed and expanded its partnership with Honeywell (NASDAQ:) for plane element repairs. The extra licenses awarded to Asia-Pacific Plane Part Providers (APACS) cowl Honeywell’s pre-cooler management valves and its air information inertial reference unit. The contracts span seven and ten years, respectively, protecting management valves discovered on Boeing (NYSE:) 737 plane and Airbus plane.
Honeywell additionally prolonged a partnership settlement with Chinese language MRO supplier Ameco for MRO work on its auxiliary energy items (APU). The 2 firms have been working collectively since 2009 underneath an APU MRO partnership.
For extra insightful metrics and recommendations on Embraer and different firms, take into account trying out InvestingPro, which provides a wealth of further ideas and real-time information.
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