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| Caribbean-Latin America |
| GM pulls out of Venezuela after socialists seize plant |
| 2017-04-20 |
| [Reuters] 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. In early 2015, Ford Motor Co (F.N) wrote off its investment in Venezuela when it took an $800 million pre-tax writedown. |
| Posted by:Besoeker |
| #11 Commie bureaucrats don't stay bought. |
| Posted by: charger 2017-04-20 18:53 |
| #10 Assuming they could pull out RegJoe. Soon as they made a move, assets would have been seized. Not like it's a big deal, I'm sure GM has been preparing for this ever since the Oil Industry was seized. |
| Posted by: Charles 2017-04-20 17:42 |
| #9 I probably would have pulled out before they seized my plant, but who am I to second guess the wisdom of an American car company? |
| Posted by: regular joe 2017-04-20 14:57 |
| #8 Didn't seem to bother them back when Obambi took the 'Old GM' from them in return for the bailout AND making them shut down Pontiac. But we got the Cobalt ignition death raffle as a parting gift. |
| Posted by: USN, Ret. 2017-04-20 14:36 |
| #7 One of the rewards of outsourcing manufacturing. |
| Posted by: Skidmark 2017-04-20 13:02 |
| #6 #3 other assets of the company, such as vehicles, have been illegally taken from its facilities Including the *contents of the* snack vending machines in the breakrooms. Clarified things a little, SteveS.. |
| Posted by: ptah 2017-04-20 11:22 |
| #5 with no dinero to pay for parts. Excellent work, Comrades |
| Posted by: Frank G 2017-04-20 11:04 |
| #4 About a decade late if you ask me. |
| Posted by: rjschwarz 2017-04-20 10:12 |
| #3 other assets of the company, such as vehicles, have been illegally taken from its facilities Including the snack vending machines in the breakrooms. |
| Posted by: SteveS 2017-04-20 09:23 |
| #2 "Bad Luck" |
| Posted by: Procopius2k 2017-04-20 09:22 |
| #1 Welcome to the complete seizure of other people's money. The final and terminal stage of socialism. |
| Posted by: DarthVader 2017-04-20 09:18 |