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Clorox Closing Venezuela Operations Due to Economic Instability and Govt Intrusion
The Clorox Company announced Monday that it has suspended operations in Venezuela in the face of operational restrictions, economic uncertainty and supply interruptions.
The Oakland, California-based maker of cleaning products said its subsidiary in the Andean nation, Corporacion Clorox de Venezuela S.A., is in the process of trying to sell off assets.
“This is a very difficult situation for our company,” Clorox Chairman and CEO Don Knauss said in a press release. “We are extremely proud of the men and women who did their very best to operate our business in the face of significant economic challenges. We are working to support them through this transition.”
For nearly three years, Clorox de Venezuela has had to cope with rising production costs amid stringent controls on retail prices, the company said.
Clorox de Venezuela’s repeated requests to the government to raise prices finally obtained a response but, according to the company, the increases granted were far from sufficient to make the business viable.
Clorox, a multinational with some 8,200 employees around the world and revenues of $5.6 billion last year, started operations in Venezuela in 1990.
Published in Latino Daily News
Source: http://www.hispanicallyspeakingnews.com/latino-daily-news/details/clorox-closing-venezuela-operations-due-to-economic-instability-and-govt-in/31202#When:02:36:24Z
