By Todd Benson and Cesar Bianconi
SAO PAULO (Reuters) - Brazilian aircraft maker Embraer plans to unveil a new executive jet this year, its latest foray into the lucrative private plane market, the company's chief executive said on Tuesday.
The new plane will target a niche between two other corporate jets in Embraer's product line -- the Legacy 600, which can carry up to 16 passengers, and the nine-seat Phenom 300, which will take to the sky in 2009.
"We have big plans in executive aviation," Mauricio Botelho, Embraer's chief executive and chairman, said at the Reuters Latin American Investment Summit in Sao Paulo.
"Our strategy is to take on the competition by offering products with the latest technology and more competitive operating costs."
Botelho said the new jet will not be based on any other planes in its product line. Instead, it will be an all-new design, though he declined to provide further details.
Embraer (EMBR3.SA: Quote, Profile, Research, Stock Buzz)(ERJ.N: Quote, Profile, Research, Stock Buzz), the world's fourth-largest commercial jet maker, has been investing heavily in recent years in the executive jet sector in a bid to diversify its revenue base.
"Executive aviation is an area that allows for better profit margins than commercial aviation," said Botelho, who will stay on as chairman of the board after retiring as chief executive on April 23.
The flagship of Embraer's private jet line-up is the popular Legacy 600, which began flying in 2002 and now also comes in a shuttle version. On Thursday, Embraer is scheduled to deliver its 100th Legacy 600. Continued...
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