China to purchase 60 aircrafts from Brazilian Embraer company

Two Chinese companies on Thursday signed a deal here with Brazil's Embraer, a leading aircraft manufacturer, to buy 60 more E190 planes from the Brazilian firm.[Special coverage]

According to the newly signed deal, Tianjin Airlines and the Industrial and Commercial Bank of China (ICBC) Leasing will buy twenty E190 aircraft from Embraer each, while Tianjin Airlines will also purchase additional twenty E190-E2 aircraft. The deal is believed to be valued at $3.3 billion.

The ICBC Leasing part of the deal will consist of firm orders for 10 E190 aircraft and purchases of rights for 10 E190 aircraft.

Embraer, founded in 1969, has become one of the largest aircraft manufacturers in the world by focusing on specific market segments, with high growth potential in commercial, defense, and executive aviation.

The Embraer E-Jet family, a series of narrow-body, medium-range, twin-engine jet airliners, has been a commercial success after it was unveiled at the Paris Air Show in 1999 and put into mass production in 2002.

While speaking highly the deals signed with Chinese firms, Embraer CEO Paulo Cesar Silva said the jets are expected to be delivered by 2018.

Embraer sources also said before Thursday's deal it had handed over dozens of E190 aircraft to its Chinese clients and established operation bases in a number of Chinese cities such Beijing, Tianjin and Xi'an.