Brazil's Defense Industry, Considered 'Strategic' By The President, Is On The Brink Of Bankruptcy With R$ 600 Million In Debt And Places 400 Employees On Indefinite Paid Leave

Brazil’s Defense Industry, Considered ‘Strategic’ By The President, Is On The Brink Of Bankruptcy With R$ 600 Million In Debt And Places 400 Employees On Indefinite Paid Leave

Written by Valdemar Medeiros

Published on 09/06/2024 at 06:38

Updated on 08/06/2024 at 19:52

Foto: Reprodução/Youtube

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Avibras on the Brink of Bankruptcy and Facing Financial Crisis: Understand the Situation of the Defense Industry and the Paid Leave for 400 Employees Partially Funded by BNDES.

Amid a severe financial crisis, Avibras, a traditional Brazilian defense industry, placed around 400 workers on paid leave for an indefinite period. The measure, taken on June 3, 2024, affects employees at the Jacareí unit in the interior of São Paulo and raises concerns about the company’s potential bankruptcy.

According to media reports, Avibras faces significant challenges that jeopardize its sustainability, causing anxiety among workers and the local community.

Avibras on the Brink of Bankruptcy Faces a Multimillion-Dollar Debt of R$ 600 Million

The company, which has a debt of R$ 600 million and has been in judicial recovery since March 2022, justifies the decision as a way to reduce costs and preserve the viability of the business. However, the situation creates uncertainty and concern among the workers who are on paid leave for an indefinite period and fear for the future of their jobs.

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Lula Wants to Keep Avibras Under National Control

President Luiz Inácio Lula da Silva (PT) has told close ministers and advisors that he would like to keep the manufacturer of defense equipment Avibras under national control. The government has no decision-making power over Avibras, which is 100% private.

However, in light of ongoing negotiations to transfer control to the Australian group DefendTex, Lula has asked aides to understand how the company’s business is progressing.

According to CNN, which accessed a decision from the São Paulo State Court of Justice (TJ-SP) dated May 22 of this year, ordering Avibras to present clarifications “as a matter of urgency” to the bank regarding negotiations with DefendTex, Lula convened a meeting about the company earlier this month.

The president wanted to hear from his advisors what they saw as the path forward for Avibras. Aides report that the president is concerned about the jobs created by the industry and the preservation of the company’s technological innovation capacity in a strategically important industry.

Get to Know Avibras

Avibras Aerospace is the largest defense industry in the country and was founded in 1961 by engineers from the Technological Institute of Aeronautics (ITA) in São José dos Campos (SP). It is one of the first national companies to serve the aerospace sector.

The company develops technology for defense and civil areas. It was one of the first in Brazil to build aircraft, develop, and manufacture spacecraft for civil and military purposes.

Present in both national and international markets, the company is headquartered in Jacareí, in the interior of São Paulo, and develops various rocket engines for the Brazilian Navy and the Brazilian Air Force, in addition to producing fixed or mobile C4ISTAR (Command, Control, Computing, Communication, Surveillance, Intelligence, Target Acquisition, and Reconnaissance) systems and Remotely Piloted Aircraft (RPA) – the Falcon.

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Sérgio

#13646

16/06/2024 23:36

Isso é uma vergonha deixar uma empresa dessa chegar esse ponto!!!

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Augusto

#13328

15/06/2024 19:11

Pessoal mandem email para os deputados do seu estado para estatizarem a AVIBRAS ou para o governo fazer uma compra de produtos e sistemas de DEFESA da empresa, no valor da dívida ou superior. Juntos somos mais fortes!

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Cláudio Silvério da Silva

#13185

15/06/2024 11:36

É lamentável o descaso dos governantes com respeito a AVIBRÁS uma empresa com potencial técnico na área de material bélico nacional. Esta empresa da qual tive o prazer de fazer parte por uma boa parte da minha vida e que já esteve entre uma das maiores exportadoras do nossos país hoje estar a beira da falência.
Que nossos governantes atente para a recuperação desta empresa que é de extrema necessidade na área de segurança do nosso BRASIL.

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Brazil’s Defense Industry, Considered ‘Strategic’ By The President, Is On The Brink Of Bankruptcy With R$ 600 Million In Debt And Places 400 Employees On Indefinite Paid Leave

Avibras on the Brink of Bankruptcy and Facing Financial Crisis: Understand the Situation of the Defense Industry and the Paid Leave for 400 Employees Partially Funded by BNDES.

Avibras on the Brink of Bankruptcy Faces a Multimillion-Dollar Debt of R$ 600 Million

Lula Wants to Keep Avibras Under National Control

Get to Know Avibras

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Brazil’s Defense Industry, Considered ‘Strategic’ By The President, Is On The Brink Of Bankruptcy With R$ 600 Million In Debt And Places 400 Employees On Indefinite Paid Leave

Avibras on the Brink of Bankruptcy and Facing Financial Crisis: Understand the Situation of the Defense Industry and the Paid Leave for 400 Employees Partially Funded by BNDES.

Avibras on the Brink of Bankruptcy Faces a Multimillion-Dollar Debt of R$ 600 Million

Lula Wants to Keep Avibras Under National Control

Get to Know Avibras

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

BRICS is preparing a payment system inspired by the Brazilian PIX that will allow direct transactions between countries using national digital currencies without relying on the dollar or Western banks as intermediaries.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

On the coast of China, fishermen received an official reward after finding 10 foreign underwater devices capable of “stealing secrets” in just two years, showing that the silent war for the seabed has already reached the nets of those who rely on fishing.

The primate that science has called peaceful for decades has proven to be as aggressive as the chimpanzee in a study with thousands of hours of footage that debunks one of the greatest myths of primatology.

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