Embraer S.A. (Portuguese pronunciation: [?b?a?]) is a Brazilian aerospace conglomerate that produces commercial, military, and executive aircraft[5] and provides aeronautical services.[6][7] Embraer is a member of the Air Transport Action Group (ATAG). Its CEO, Frederico Curado, is the 2012 recipient of the Tony Jannus Award, given annually for distinguished contributions to commercial aviation. Seeking a domestic aircraft manufacturer, the Brazilian government made several investments in this area during the 1940s[9][10] and '50s,[9] but it was not until 1969 that Empresa Brasileira de Aeronautica (Embraer) was created as a government-owned corporation.[7] The company's first product was a turboprop transport, the Embraer EMB 110 Bandeirante. [edit]Early growth The Brazilian Government contributed to Embraer's early growth by providing license production contracts.[11] The company increased its product line; it sold solely to the domestic market until 1975. While military aircraft made up the majority of Embraer's products during the 1970s,[citation needed] by 1985 a regional airliner had debuted, the Embraer EMB 120 Brasilia.[12] Aimed at the export market, this plane marked the first of Embraer's highly successful small airliners.[6] [edit]License-built Pipers In 1974 the company started to produce Piper Aircraft light planes u

der license.[13] Piper first put together knock-down kits in their US factory for Embraer to assemble and market in Brazil & Latin America.[citation needed] But by 1978 most of the parts and components were being sourced locally.[13] Between 1974 and 2000 nearly 2500 license-built Pipers were produced by Embraer.[13] [edit]Privatization Born from a Brazilian government plan and having been state-run from the beginning,[9] Embraer began a privatization process[citation needed] alongside many other state-controlled companies during the government of Fernando Henrique Cardoso.[14] This privatization effort saw Embraer sold on December 7, 1994,[7][15] and helped it avoid a looming bankruptcy.[9] The company continued to win government contracts.[citation needed] The Brazilian government retains interest through possession of golden shares, which allow it veto power.[16] [edit]Initial public offerings In 2000, Embraer made simultaneous initial public offerings on the NYSE and BM&F Bovespa stock exchanges.[6] As of 2008, its NYSE-traded shares were American Depositary Receipts representing 4 BM&F Bovespa shares.[17] As of 2008 ownership was: Bozano Group 11.10%, Previ (a Brazilian pension fund) 16.40%, Sistel 7.40%, Dassault Aviation 2.1%, EADS 2.1%, Thales 2.1%, Safran 1.1%, Government of Brazil 0.3%, the remainder being publicly traded.