UPDATE: Venezuela Seizes Kellogg’s Plant
The Venezuela government has taken over a Kellogg's manufacturing plant just days after the Battle Creek based cereal giant shut it down and prevented workers from entering, due to deteriorating economic conditions in the country.The BBC reports:
President Nicolas Maduro, who has previously accused the US of waging economic war against his government, called the closure "absolutely unconstitutional and illegal". He said the factory had been handed to workers and would continue production.
In a campaign speech ahead of Sunday's national elections, Maduro told workers Kellogg's action was unconstitutional.
The BBC quotes him as saying "I've taken the decision to deliver the company to the workers in order that they can continue producing for the people."
Venezuela's financial problems a tied to lower than expected energy prices, high inflation, and the value of its currency on the world market. Maduro blames foreign governments, mainly the United States, as trying to undermine his government, while critics blame his government's mismanagement of the economy.