Kellogg Pulls Out Of Crisis Hit Venezuela

Stunned workers were barred from entering Kellogg's plant in the central city of Maracay and massed outside, seeking information, local business sources said.

The move by the multinational was a typical one in Venezuela after years of economic crisis. Others, including Clorox, Kimberly-Clark, General Mills, General Motors and Harvest Natural Resources, have given up on the OPEC country, abandoning assets or selling them cheap.

Venezuela is undergoing quintuple-digit annual inflation and millions suffer food and medicine shortages. Despite the problems, Maduro is expected to win re-election on Sunday in a vote the main opposition coalition says is a sham.

Maduro blames Venezuela's crisis on an "economic war" he says is waged by Washington, greedy businessmen and coup-mongers.

In the past, his government has taken over the factories of some companies that have left the country. In 2014, authorities took over two plants belonging to U.S. cleaning products maker Clorox Co after its departure.

"No Kellogg products or brands should be commercialized in the country without the expressed authorization of the Kellogg Company," Kellogg said in its statement, adding it would like to return to Venezuela in the future.

Source : http://english.chosun.com/site/data/html_dir/2018/05/16/2018051600654.html

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