Venezuelan Gov't Takes Over Goodyear Plant After Company’s Withdrawal - Reports

MEXICO CITY (Sputnik) – Venezuelan authorities have announced the immediate introduction of government control over the plant of the US-based Goodyear tire manufacturing company, located in the country’s northern Carabobo state, local media reported, citing the Labor Ministry’s order published in Gaceta Oficial newspaper.

The document stipulated that the employees of the factory should return to their workplaces for resuming manufacturing processes, according to the Globovision news outlet, citing the order.

Goodyear announced shutting down its factory in Venezuela in mid-December, citing hyperinflation and economic crisis in the South American country. The company, which employed over 1,200 people, said it would pay severance packages to its staff and give 10 tires to each of the employees.

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Notably, the company said it did not authorize anyone to manufacture tires under its trademark in Venezuela.

Goodyear was the latest foreign corporation to cease its operations in the crisis-torn country.