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CHICAGO — Boeing has terminated an agreement to join forces with Brazilian jet maker Embraer.

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The pair had planned to work together on Embraer's commercial aviation business and to develop new markets for its C-390 Millennium aircraft. They had been working toward an agreement for two years.

An Embraer KC-390 in flight. (Embraer)

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Boeing says it ended the agreement after Embraer did not meet conditions laid out by the deal.

Boeing would have held majority ownership in the joint venture. The abandoned deal had placed the value of the new company at more than $4 billion.

The collapse marked the latest mishap for Boeing. The company's best-selling plane, the 737 Max, has been grounded for more than a year after two deadly crashes that led to federal investigations. Those problems, combined with deflated demand for flights due to the pandemic, sharply reduced the company's cash.

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