Venezuela Arm of U.S. Bottle Company is Nationalized
on 27/10/10 at 5:10 pmIndustry
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.