Venezuela to give local Kellogg unit to workers after company halts operations

Venezuelan President Nicolas Maduro waves to his supporters during a rally in Caracas Venezuela on Jan. 23 2018

But grinding food shortages and rampant inflation have put even cereal beyond the purchasing power of most families in the hungry country.

Maduro claims the U.S.is conducting an "economic war" against Venezuela. Rangel noted that the presidential candidates Henri Falcon, Javier Bertucci and Reinaldo Quijada resisted direct pressure from the United States to resign, with the goal of subtracting competitors from the candidate and president, Nicolas Maduro, 'which would facilitate the argument about the fraudulent nature of the elections, ' he argued. "We've begun judicial proceedings against the business leaders of Kellogg's because their exit is unconstitutional", President Maduro said in front of a crowd of cheering supporters in the central state of Carabobo.

"The current economic and social deterioration in the country has prompted the company to discontinue operations". He told The AP that his company, Aerotrading, whose website consists of a single home page with no company information, immediately ceased all work on the petro after Trump announced his ban. Poor access to raw materials and scarce dollars to import goods due to currency controls impaired Kellogg's ability to operate its Venezuelan subsidiary, the company said in February. Maduro's government also stops companies from raising prices to keep up with hyperinflation, sometimes forcing companies to sell below the cost of production. Others, including Clorox (CLX.N), Kimberly-Clark (KMB.N), General Mills (GIS.N), General Motors (GM.N) and Harvest Natural Resources HNR.N, have given up on the OPEC country, abandoning assets or selling them cheap.

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Socialist Maduro has taken over the factories of some companies that have left the country.

In family breakfast cereals, Kellogg's Corn Flakes also held the leading position in 2017 with a 46% value share.

"No Kellogg products or brands should be commercialized in the country without the expressed authorization of the Kellogg Company", Kellogg said in its statement, adding it would like to return to Venezuela in the future.

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