Embraer board OKs plans for 2 new business jets

SAO PAULO, March 28 (Reuters) - Brazilian aircraft manufacturer Embraer (EMBR3.SA: Quote, Profile, Research)(ERJ.N: Quote, Profile, Research) said on Friday its board had approved plans to develop two new business jets.

The new jets will fall into the midlight and midsize categories, with the capacity to seat seven to 12 passengers plus two crew members, Embraer said in a statement to Brazil's securities regulator.

Embraer, together with its suppliers, will invest $750 million to develop the new jets, which will take to the skies in 2012 and 2013, respectively.

(Reporting by Todd Benson, editing by Phil Berlowitz)