Embraer: China's ICBC Leasing Signs Purchase Agreement for up to 20 E190-E2s

BRASILIA, Brazil, July 17, 2014 /PRNewswire/ -- At a signing ceremony witnessed by the Presidents of both nations during Chinese President Xi Jinping's State visit to Brazil, Embraer S.A. inked a sales agreement for up to 20 E190-E2 with China's ICBC Financial Leasing Co., Ltd. (ICBC Leasing).  The agreement covers ten firm orders and ten purchase rights. The firm orders for the first 10 aircraft will be included in Embraer's 2014 third quarter backlog.

The E190-E2 is the first model of the E-Jets E2 family to enter into service.  The value of the contract is USD 1.1 billion at list prices if all purchase rights are converted to firm orders. Deliveries are scheduled to begin in 2018.

"Having ICBC Leasing as a lessor of E2s gives our prospective customers yet another option when they look to operate these new-generation aircraft," said Paulo Cesar Silva, President & CEO, Embraer Commercial Aviation. "ICBC Leasing has expanded quickly over the past few years to become one of the world's leading lessors of mainstream aircraft. The strong appeal of E-Jets to airlines around the world was a key factor on ICBC's decision to acquire E2s."

Established in 2007 as a wholly-owned subsidiary of the Industrial and Commercial Bank of China, one of the world's largest banks, ICBC Leasing owns and manages a fleet of over 380 aircraft. In June 2012, ICBC Leasing ordered ten Legacy 650 large executive jets with five options as a follow-on to the Memorandum of Understanding it signed in April of that year.

"We are pleased to be part of the E-Jets E2 program and to further extend our partnership with Embraer," said Cong Lin, CEO of ICBC Leasing. "Adding E-Jets E2s to our portfolio will diversify our aircraft resources, strengthen our leadership in the leasing market and support us in expanding the leasing market of regional aviation. We are confident that these new jets will bring great benefits to our customers."

The E-Jets E2 program reinforces Embraer's commitment to continuously invest in the company's line of commercial jets and to maintain leadership in the 70 to 130-seat aircraft segment. Embraer's
E-Jets E2s have state-of-the-art geared turbofan engines. Combined with new aerodynamically-advanced wings, full fly-by-wire flight controls and improvements to other systems, the E2s will deliver significant reductions in fuel burn, maintenance costs, emissions and external noise.

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SOURCE Embraer