In the middle of the growing economic crisis that the country is going through, the scenario for the productive sector in Venezuela is totally adverse. With exchange control, threats of constant intervention and without raw material to work, many companies are forced to close their doors and sell their assets and leave the country.
Venezuela's editorial at the Day
The Italian company Pirelli reached an agreement with an alliance of South American businessmen and the company Sommers International to sell their shares in Venezuela. The company announced this week that it sold its car tire factory, located in the city of Guacara, and all assets.
The operation, which "follows the accounting deconsolidation of the Venezuelan subsidiary" that took place on December 31, 2015, has no financial impact on the group, the European company added in a statement on its website.
The company announced that jobs are expected to be maintained, the company that remained in Venezuela for 28 years said in a statement.
Pirelli expressed in the note his gratitude to employees and clients for the 28 years he remained in Venezuela and wished the "full success" to the new administration.