Venezuela Seizes Kellogg Cereal Plant After Company Announces Pullout

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Also in the works is a second state-backed cryptocurrency tied to the country's gold reserves.

USA -based cereal maker Kellogg Co K.N on Tuesday pulled out of Venezuela due to the country's deep economic crisis, and an angry President Nicolas Maduro said its units would be taken over and given to workers.

President Maduro, who has been in office since 2013, blames Venezuela's problems on an "economic war" being waged by foreign governments and businesses.

While the move is not expected to worsen food shortages in the country, Kellogg's is the most popular and easily accessible cereal for citizens in the country, according to Reuters. "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. 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.

Kellogg is the latest multinational to close or scale back operations in Venezuela, citing strict currency controls, a lack of raw materials and soaring inflation.

Kellogg's is the most recent company to pull out of Venezuela, following the likes of Colgate-Palmolive, General Mills and Kimberly-Clark.


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

At least one other USA company had already threatened legal proceedings against the country when Venezuela took control of a plant once belonging to Kimberly-Clark and began making personal hygiene products.

"This reminds me of the Clorox case", opposition lawmaker Jose Guerra tweeted about Kellogg. "So that means Corn Flakes are over".

The Kellogg Co.is closing operations in Venezuela at a time of widespread hunger in the crisis-wracked South American nation.

It also said it hoped to return to Venezuela in the future and warned against sales of its brands "without the expressed authorization of the Kellogg Company".

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