Embraer, NetJets in $1-bn deal for 125 Phenom aircraft

The world's fourth-largest manufacturer of commercial aircraft, Brazil's Embraer, has signed an agreement with NetJets Inc, the worldwide leader in private aviation and a company owned by Warren Buffet's Berkshire Hathaway Inc, for the supply of 50 Phenom 300 executive jets, with an option for additional 75 aircraft, for a total value of over $1 billion.

Columbus, Ohio-based NetJets is a leader in the business of private aviation offering fractional ownerships for individuals and companies for private business jets. The ownership guarantees 365-days availability of aircraft with just a few hours notice. NetJets has operations in the US, Europe and the Middle East.

The company offers the largest and most diversified fleet in private aviation including the 13 of the most popular business jets in the world. The new Phenom 300 aircraft will join NetJets' existing global fleet of over 800 light, midsize, and large-cabin aircraft.

The new Phenom 300 platinum edition will be developed by Embraer in cooperation with NetJets will feature technology and comfort based on the requirements of NetJets' fractional share owners. Deliveries of the new aircraft are scheduled to begin in 2013.

Expressing satisfaction over the deal, Embraer president and CEO Frederico Fleury Curado commeneted, ''This new partnership is both a gratifying achievement for Embraer and a strong endorsement of our executive jets business.''

''We share NetJets' vision for the promising future of executive aviation and see the Phenom 300 in a strong position to meet the increasingly demanding requirements for comfort, economics, performance, and reliability,'' Curado continued.