Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Rolls-Royce plans two-week shutdown of civil aerospace business

Published 07/02/2021, 16:42
Updated 07/02/2021, 16:55
© Reuters. File photo of an Airbus A350 with a Rolls-Royce logo at the Airbus headquarters in Toulouse

© Reuters. File photo of an Airbus A350 with a Rolls-Royce logo at the Airbus headquarters in Toulouse

(Reuters) - Britain's Rolls-Royce (LON:RR) said on Sunday it is proposing a two week operational shutdown of its civil aerospace unit over the summer as it manages costs due to the impact of the COVID-19 pandemic.

The aero-engine maker has begun talks with unions on the shutdown and cost cutting at its civil aerospace unit, it said in an emailed statement.

"As we continue to manage our cost base in response to the ongoing impact of the COVID-19 pandemic on the whole commercial aviation sector, we are proposing a two week operational shutdown of Civil Aerospace over the Summer," it said.

© Reuters. File photo of an Airbus A350 with a Rolls-Royce logo at the Airbus headquarters in Toulouse

Rolls-Royce's finances have been hit by the COVID-19 crisis as its airline customers have grounded planes. It warned last month that travel would be even more constrained than expected this year, leading to increased cash outflow.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.