Embraer to Hike R&D Investment to $2.6B

Brazilian aircraft maker Embraer will invest $2.6 billion (euro1.9 billion) in various projects over the next five years, company President Mauricio Botelho said Thursday.

The money will be spent on developing a new executive jet, certification of new planes in Embraer's regional jet series, technology and expansion projects, Botelho said.

The investments will equal the total amounts plowed into the company over the last 12 years, he said.

Embraer, or Empresa Brasileira de Aeronautica, recently overtook Canadian aircraft maker Bombardier as the world's third-largest plane maker by market capitalization, Embraer officials said.

Investment in executive jets will represent more than 15 percent of the company's investment budget, Botelho said.

He said the investment budget for 2007 will be US$500 million (euro379 million).

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