Venezuela Arm of U.S. Bottle Company is Nationalized

on 27/10/10 at 5:10 pm

Industry

Venezuelan President Hugo Chavez ordered the takeover of the local unit of U.S. glass bottle firm Owens-Illinois (OI.N) on Monday, part of a drive to nationalize large swathes of the food processing and distribution business.

Since an election last month that left the socialist leader’s party with a reduced majority in parliament, he has nationalized a large fertilizer factory, a motor lubricants firm and a huge swathe of land belonging to a wealthy British family.

“Expropriate it … a company of North American capital that has been here for years exploiting the workers, destroying the environment,” he said of Owens-Illinois on a late night TV appearance a few hours after returning from a tour of friendly nations such as Russia and Iran.

{Full story via Reuters}

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