The Latest: Airbus stock plunges after announcing shutdowns
Posted Mar 18, 2020 11:21:57 AM.
Last Updated Mar 18, 2020 11:34:12 AM.
This article is more than 5 years old.
PARIS — The Latest on action in the financial markets (all times local):
Noon
Shares in European plane maker Airbus plunged Wednesday after it suspended operations at all facilities in France and Spain.
Airbus announced the four-day suspension Tuesday because of new virus confinement measures imposed in both countries. It said the suspension would allow time to put new safety and hygiene measures in place.
But the move puts thousands of people temporarily out of work and is a sign of the larger trouble for the aviation industry caused by the virus.
After falling Tuesday, Airbus shares sank another 15% by midday Wednesday, much deeper than the overall decline on France’s CAC-40 exchange.
Airbus is one of Europe’s leading manufacturers and a major employer in France. It said it’s “constantly assessing the situation” and working with airlines and suppliers to minimize the impact of the virus on their operations.
The Associated Press