This essay focuses on understanding the culture of an organization that has been through a changing process. It analyses the impact of this culture in the organizational performance. To reach this goal a thorough research was conducted involving a case study. Embraer, Empresa Brasileira de Aeronáutica, went through a privatization process and it was used as the focus of this study. The research was based on a bibliographical survey to build a theoretical chart about the relevant topics of the study. Furthermore, documental research and interviews helped on the survey of the current situation and also helped on the understanding of the dimensions that were most affected in the changing process. This data was surveyed in a qualitative way. The conclusion of this study shows the importance of the culture management in order to achieve new corporate goals, showing the most important variables in the process, as well as the way to align them to the new strategies in order to improve performance.