Tire maker Pirelli latest company to give up on troubled Venezuela
by The Associated Press
Pirelli, which employs 1,000 workers in Venezuela, joins United Airlines, Colgate-Palmolive and General Motors in slashing operations or exiting the market entirely
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.