Tire maker Pirelli latest company to give up on troubled Venezuela
Pirelli, which employs 1,000 workers in Venezuela, joins United Airlines, Colgate-Palmolive and General Motors in slashing operations or exiting the market entirely
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CARACAS, Venezuela—Italian tire manufacturer Pirelli is suspending production in Venezuela, the latest foreign brand to give up on the crisis-wracked country.
Pirelli’s local affiliate said in a statement that imported supplies at its factory in Valencia are due to run out June 16. Production in recent years had already fallen to a third of the plant’s capacity of 6,000 tires a day. The company employs about 1,000 people in Venezuela.
The tire company is the latest firm fed up with being battered by crippling shortages, compounded by almost-daily protests against the country’s President Nicolas Maduro.
This week United Airlines said it was suspending its Venezuela flight from Houston due to a lack of demand. Colgate-Palmolive has slashed production of some household products, while General Motors said in April it was shuttering operations in the country.