Goodyear Shuts Down in Venezuela and Gives Tires as Severance
- It’s the latest foreign company to abandon the fraying nation
- Auto parts are valuable currency as economy spirals down
This article is for subscribers only.
Goodyear Tire & Rubber Co. is halting its Venezuela operations and laying off its local workforce, union officials said on Monday, the latest foreign corporation to close shop in the crisis-torn county.
Employees arrived at the company’s lone plant in the industrial city of Valencia to find it closed with a letter posted on the door. “Goodyear Venezuela has been forced to cease operations,” according to a copy seen by Bloomberg.