The coronavirus lockdown came as a shock to many companies and one such company was the British company Rolls-Royce Holding PLC Preferred Shares (OTC: RLLCF). The lockdowns and travel restrictions harmed its civil aircraft engine business considerably.
However, earlier on this week a significant development emerged with regards to its civil aircraft engine business and that sent the stock soaring. Rolls Royce is apparently considering closing down its engine manufacturing plants for around two weeks in order to control the losses that the business is suffering.
While the news may be alarming for some, it proved to be a boost for the stock. The Rolls Royce stock soared by as much as 38% after the news emerged this week. That being said, it is also necessary to point out that the plans are still not confirmed and remain tentative at this juncture. Rolls Royce will need to reach an agreement with the unions before embarking on this course of action.