Venezuela Seizes General Motors Car Plant
General Motors (GM.N) said on Wednesday that Venezuelan authorities had illegally seized its plant in the industrial hub of Valencia and vowed to "take all legal actions" to defend its rights.
The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.
"Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," the company said in a statement.
It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.
Venezuela's Information Ministry did not immediately respond to a request for information.
Venezuela's car industry has been in freefall, hit by a lack of raw materials stemming from complex currency controls and stagnant local production, and many plants are barely producing at all.
http://www.reuters.com/article/us-gm-venezuela-idUSKBN17M08I
The seizure comes amid a deepening economic crisis in leftist-led Venezuela that has already roiled many U.S. companies.
"Yesterday, GMV's (General Motors Venezolana) plant was unexpectedly taken by the public authorities, preventing normal operations. In addition, other assets of the company, such as vehicles, have been illegally taken from its facilities," the company said in a statement.
It said the seizure would cause irreparable damage to the company, its 2,678 workers, its 79 dealers and to its suppliers.
Venezuela's Information Ministry did not immediately respond to a request for information.
Venezuela's car industry has been in freefall, hit by a lack of raw materials stemming from complex currency controls and stagnant local production, and many plants are barely producing at all.
http://www.reuters.com/article/us-gm-venezuela-idUSKBN17M08I
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