Kellogg Shuts Down Cereal Plant in Venezuela

Workers at closed Kellogg factory in Venezuela

Socialist President Nicolas Maduro said the USA multinational's factory in the western city of Maracay had been "handed over to the workers" after Kellogg announced it was ending operations in the South American country.

"The current economic and social deterioration in the country has now prompted the company to discontinue operations", Kellogg said in a statement, noting that it had already written off the value of its Venezuela holdings.

Kellogg announced its retreat earlier on Tuesday, making it the latest multinational to exit the oil-rich country, which is heaving under hyperinflation and strict price controls.

Other multinational companies that have given up on the OPEC country, abandoning assets or selling them cheap, include Clorox, Kimberly-Clark, General Mills, General Motors and Harvest Natural Resources. "Because we are four days away from elections and they think it will spook the people", Maduro told supporters.

Maduro is blaming everyone for his mess, mostly the USA, but "accusing America of creating Venezuela's crisis is about as fair as accusing O.J. Simpson of murdering Princess Diana - I'm not saying it would be completely out of character, it just happens to not be true in this particular instance", Oliver said.

"Over the last few years it seems like every time Venezuela has been on the news it's because something bad has been happening", Oliver said.

Full Senate Confirms Haspel As Next CIA Director
She also moved to deploy more CIA officers overseas to recruit agents, collect intelligence and commit espionage. Republican Senator John McCain , who is undergoing cancer treatment outside of Washington , did not vote .

North Korea: Indian Official Makes First Visit to Pyongyang in 20 Years
After the recent thaw between the USA and North Korea , India seems to have changed its strategy, sending Mr. Secretary of State Rex Tillerson to shut down its diplomatic mission in Pyongyang altogether.

France coach Deschamps explains World Cup rejection for Lacazette, Martial
Payet suffered a muscle injury during Wednesday's Europa League final, which Marseille lost 3-0 to Atletico Madrid. France have been drawn in Group C at the World Cup , meaning they will face Australia, Peru and Denmark.

Omar Rodriguez, who has spent 26 years working at Kellogg's, said he doesn't know how he'll feed his three children without his job.

In 2014, the government took over two plants belonging to cleaning products producer Clorox. "It was paralyzed due to lack of raw materials, the government took it and today it is paralyzed".

The closure is not expected to significantly worsen food shortages in Venezuela, but it was a further blow to morale for many Venezuelans as Kellogg's is the most popular and available cereal in the country.

It also said it hoped to return to Venezuela in the future and warned against sales of its brands "without the expressed authorization of the Kellogg Company".

The socialist regime nationalized the company's production plant in the city of Maracay in response to the move. You can sign up to receive it directly here.

Related news:

Hot News

isis-killer-beheading-video-story-top Congressman Says NY Lawyer Can't Get Away With Racist Rant
May 18, 2018 - 07:58
Full video of rant: Eyewitness News spoke to the 35-year-old customer who captured the rant on her cell phone. The man happens to be Willie Moore, a video blogger who is White and from MA .

isis-killer-beheading-video-story-top Alabama, Texas announce home-and-home series
May 18, 2018 - 07:45
Almost a century after the two college powers met in Austin, they will square off at DKR Memorial Stadium on September 10th, 2022. The network announced its schedule for the first three weeks of Saturday night games.

isis-killer-beheading-video-story-top Tampa Bay Lightning vs. Washington Capitals 5/17/18, Prediction & Odds
May 18, 2018 - 07:44
Backstrom participated in practice but Trotz said the center is yet to be cleared by team doctors and is a "game-time decision". Point, who was named to the All-Star Game as an injury replacement, had 32 goals and 66 points in the regular season.

isis-killer-beheading-video-story-top Hawaii Volcano Blows Its Top
May 18, 2018 - 07:29
It comes after more than a dozen fissures recently opened miles to the east of the crater and spewed lava into neighbourhoods. A 4.2-magnitude natural disaster struck the region early Wednesday and another 3.5-magnitude temblor was felt around noon.

isis-killer-beheading-video-story-top Theresa May reiterates: United Kingdom will leave customs union in 2020
May 18, 2018 - 07:12
Whitehall sources last night dismissed the idea of the United Kingdom remaining shackled to the customs union long term. Downing Street said the flagship EU Withdrawal Bill would return to the Commons in "weeks not months".

isis-killer-beheading-video-story-top PSG appoint Tuchel on two-year deal
May 18, 2018 - 07:06
The Ligue 1 giants have now confirmed that former Borussia Dortmund coach Thomas Tuchel will take over from next season. "I hope to work with these great players, all of which are among the best on the planet ".

isis-killer-beheading-video-story-top Arsene Wenger reveals why he's backing Man City coach
May 18, 2018 - 06:55
The Frenchman's near 22-year reign in charge of the club is over, with Arsenal yet to confirm who will be taking charge for the 2018-19 season.

isis-killer-beheading-video-story-top North Carolina Educators Demand a Better Future
May 18, 2018 - 06:54
Lowe said solutions need to include "shifting some resources toward the schools and being much better stewards of taxpayer money". Being in Raleigh , she said, was important not just for her, but for her students as well - and she wants legislators to listen.

isis-killer-beheading-video-story-top Named EU countries, the most polluting in Europe
May 18, 2018 - 06:47
The European Commission is taking the British Government to court for breaching EU air quality rules . The problem was declared a public health emergency by a cross-party committee of MPs in 2016.

isis-killer-beheading-video-story-top NBA Draft : A look at the players being talked about
May 18, 2018 - 06:38
The power forward averaged 10.9 points per game and 5.8 rebounds per contest while averaging only 21.8 minutes per game. The 7ft 1in forward averaged 20 points previous year playing for the Wildcats in the Suns' home state Arizona.

isis-killer-beheading-video-story-top Thomas Markle unable to attend Royal Wedding due to major heart surgery
May 17, 2018 - 12:23
On Monday, Kensington Palace issued a statement following the news that Thomas would not be attending this weekend's wedding. According to the outlet, the former actress told her father she loved him and "was concerned about his health".

isis-killer-beheading-video-story-top How Retro, Samsung & Apple Back In Court Over Galaxy 2
May 17, 2018 - 12:15
If Samsung pays up, this could set a precedent that would affect how companies can be sued for patent infringements in the future. The first request followed an objection from Apple to Quinn's reference to slides showing pre-2010 phones.

isis-killer-beheading-video-story-top Tencent Sees Profit Increase of 61% Thanks to Games Business
May 17, 2018 - 12:04
That's partly thanks to a one-time gain of nearly 7.6 billion yuan from its investments in arenas like video and news. The gross profit margin in the quarter was more than 50 per cent, higher than the 47 per cent expected by analysts.

isis-killer-beheading-video-story-top Chrissy Teigen and John Legend have welcomed a baby boy
May 17, 2018 - 11:52
Taking to Twitter this morning, Chrissy simply tweeted, "Somebody's herrrrrrre!" alongside a series of baby bottle emojis. And, of course, congrats to John and Chrissy on their growing family! "I mean I knew I was pregnant at 11 days in".

isis-killer-beheading-video-story-top Skip Bayless Delivers Brutal Shot to LeBron James After Game 2 Loss
May 17, 2018 - 11:16
He scored 13 of Cleveland's last 15 points to go in with 21 at the first break, but tellingly, his side only lead by four points. Boston mounted a mini comeback at the end of the first half and picked up right where they left off to start the third quarter.