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Airbus Resumes Production In France, Spain; Withdraws Outlook; Stock Dips

European plane maker Airbus SE (EADSF.PK,EADSY.PK) Monday said it has resumed production at its sites in France and Spain following a four day temporary pause due to the coronavirus or COVID-19 pandemic. Earlier in the day, the company announced its decision to withdraw fiscal 2020 guidance and 2019 dividend proposal due to the worsening COVID-19 pandemic. Airbus shares were losing around 7 percent in the morning trading in Paris.

The company said it is closely monitoring the evolution of the Coronavirus, and is assessing the situation, the impact on employees, customers, suppliers and the business.

The production in France and Spain resumed after implementing stringent health and safety processes respecting hygiene, cleaning and self-distancing.

The company added that stringent measures, standards and processes are being implemented at all its sites.

Airbus added that it is following WHO and local health authority guidance.

The company said it maintains a strong focus on backlog management, supporting customers and securing business continuity through these unprecedented times.

Airbus has convened its 2020 Annual General Meeting in Amsterdam on April 16. Due to the global outbreak of COVID-19, Airbus strongly encourages shareholders to vote by proxy in line with public health and safety measures.

In Paris, Airbus shares were trading at 59.51 euros, down 6.69 percent.

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