Boeing has unveiled its planned joint venture (JV) with Brazilian aerospace conglomerate Embraer to explore new markets for the newly rebranded C-390 Millennium airlifter.

Boeing Embraer – Defense will focus on promoting the C-390 Millennium multi-mission airlift and air mobility aircraft.

The JV was launched at the Dubai Air Show on 18 November and is awaiting regulatory approval.

Boeing’s president of Embraer Partnership and Group Operations Marc Allen said: “Boeing Embraer – Defense will build on our companies’ history of collaboration across commercial and defence aerospace to unlock significant value in the state-of-the-art C-390 Millennium as it enters service and leads the next generation of airlift and air mobility aircraft.”

The Brazilian firm will own a 51% interest in the venture and Boeing will hold the remainder.

Coinciding with the JV announcement, Embraer announced that its KC-390 multi-mission medium aircraft has been renamed Embraer C-390 Millennium.

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Embraer Defense and Security president and CEO Jackson Schneider said: “The name of our joint venture represents the strong partnership between Embraer and Boeing that will strengthen the global competitiveness of this incredible aircraft and broaden the target markets, developing and generating greater value for the C-390 programme to offer the best for our future customers.”

The joint release stated that the C-390 Millennium tactical transport jet will ‘set new standards in its category while presenting the lowest lifecycle cost on the market’.

The aircraft will be designed to provide rugged design, greater mobility, improved flexibility and availability levels.

Users can deploy the aircraft to conduct aerial refuelling, personnel and cargo transport, search and rescue, and humanitarian missions.

The Embraer C-390 Millennium is in full production. Embraer is under contract to deliver five of the aircraft to Portugal.

The company delivered the first of 28 KC-390 aircraft to the Brazilian Air Force (FAB) in September.

Despite the new designation, customers choosing the aerial refuelling capability can still refer to the aircraft as KC-390, Embraer said.