Embraer's (ERJ) defense unit is looking to establish an office in Europe where there has been renewed interest in its C-390 Millennium military cargo aircraft, Reuters reported Monday citing the unit's chief executive.

Bosco da Costa Junior, chief executive of the planemaker's defense unit, said the office would "very likely be in Portugal."

The European Union, along with India, Saudi Arabia and the US, represents a key market for the C-390, the Brazilian planemaker said earlier in 2024, according to the report. Sweden is the latest European country to express interest in the aircraft, the report added.

"This office's goal is to make Embraer Defense & Security a European player. We want it to have all the security clearances required by NATO," Costa was quoted as saying.

Embraer did not immediately reply to MT Newswires' request for comment.

Shares of the company were up more than 3% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 38.75, Change: +1.32, Percent Change: +3.53