Venezuela seizes U.S. factory after closure due to lack of raw materials

REUTERS

President Nicolas Maduro announced the "nationalisation in a televised address saying the closure was illegal and it had re-opened "in the hands of the workers".

Kimberley-Clark is the latest multinational to close or scale back operations in the country due to lack of primary materials, currency trouble and soaring inflation.

The Irving, Texas-based company claims to have acted appropriately in suspending operations.

General Mills, Procter & Gamble and other corporations have reduced operations in Venezuela as the country is gripped by economic crisis and widespread shortages of basic household goods.