April 30, 2015 / 2:40 PM / 5 years ago

Embraer eyeing slowdown of KC-390 program if Brazil cannot pay

SAO PAULO, April 30 (Reuters) - Embraer SA has to consider slowing down development of the KC-390 military cargo jet if the Brazilian Air Force, which is funding the program, does not catch up on late payments, Chief Executive Officer Frederico Curado said on a Thursday conference call.

The Brazilian government has fallen behind on around $300 million in payments on defense contracts due to efforts to shore up the federal budget, hurting Embraer’s first-quarter earnings, which were released earlier in the day. (Reporting by Brad Haynes; Editing by Jonathan Oatis)

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