Maduro’s Threats Fail to Stop Companies From Exiting Venezuela
- Kimberly-Clark became latest company to pull out this month
- Goverment blames U.S.-led conspiracy and backs factory seizure
Nicolas Maduro.
Photographer: Carlos Becerra/BloombergThis article is for subscribers only.
The multinationals that remained in Venezuela through more than a decade of nationalizations, dollar shortages and losses, did so with expectations that things would eventually get better in the oil-rich nation. Now, even that hardy bunch are throwing in the towel as the economy implodes.
Kimberly-Clark Corp., the maker of Kleenex and Huggies, said July 9 that it was suspending operations in the South American nation. In the previous two months, Latam Airlines Group SA, Latin America’s largest carrier, Deutsche Lufthansa AG and Grupo Aeromexico SAB all said they would stop flying to Venezuela. General Mills Inc. and Bridgestone Corp. also said they were pulling out earlier this year.