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Venezuela seizes US factory after closure due to lack of raw materials

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Venezuela seizes US factory after closure due to lack of raw materials

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Venezuela’s government has seized a factory belonging to Kimberly-Clark Corporation after the US personal care giant said it was halting production as it was unable to obtain raw materials.

President Nicolas Maduro announced the “nationalisation in a televised address saying the closure was illegal and it had re-opened “in the hands of the workers”.

Kimberley-Clark is the latests multinational to close or scale back operations in the country sue to lack of primary materials, currency trouble and soaring inflation.

The Irving, Texas-based company claims to have acted appropriately in suspending operations.

General Mills, Procter & Gamble and other corporations have reduced operations in Venezuela as the country is gripped by economic crisis and widespread shortages of basic household goods.

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