Embraer rebuts claim court ruling could cost it over $200 million

Embraer has announced it does not expect “material financial impacts” from a recent Brazil Supreme Court ruling on tax payments. The airframe manufacturer made the statement following a Brazilian newspaper report suggesting it could face a R$1.16bn (US$220 million) loss arising out of the ruling. The report in Estado de São Paulo looked at the projected impact of the court’s ruling on Brazil’s business giants. Embraer said it “hereby clarifies its shareholders and the market that, contrary to what was incorrectly conveyed” in the article,  “it does not expect any impact”.