Shares of Embraer rallied above a buy point to 17-year highs Wednesday after the Brazilian jet manufacturer landed a record $7 billion order.
Embraer on Wednesday announced a new purchase agreement with Flexjet, a fractional jet ownership company.
Per the deal, Flexjet ordered a fleet of 182 business jets comprised of Praetor 600, Praetor 500 and Phenom 300E models, as well as services and support from Embraer's Executive Jets division. The agreement also includes options to purchase an extra 30 aircraft.
The deal is valued at up to $7 billion based on current list prices, marking Flexjet's largest order in its history and the largest order for Embraer's executive aircraft.
Flexjet has accepted delivery for more than 150 Embraer aircraft since 2003 as part of the companies' long-standing relationship.
Embraer Stock Rallies On The News
Embraer trades in American depositary receipts under the ticker ERJ.
ERJ stock jumped about 14.8% Wednesday to break out above a 40.34 buy point for a cup base. The rally to 45.75 at the close also marked the stock's highest level since February 2008.
ERJ initially cleared the cup entry on Jan. 21 before easing.
Embraer is up almost 25% this year.
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