(Q24N) Tire maker Bridgestone said on Monday it was selling its Venezuelan business after six decades in the country.
The US company’s Venezuelan assets will be sold to Grupo Corimon.
Other multinational firms such as Ford, Procter & Gamble and Halliburton have either slowed or abandoned their investments in Venezuela.
Venezuela’s economy is expected to shrink by 8% in 2016 after it contracted by 5.8% last year.
Its reliance on oil to generate foreign currency and investment has made it a victim of regular recessions.
President Nicolas Maduro has instituted a state of emergency in an effort to combat the economic crisis. Critics argue it is an attempt to increase the military and strengthen his grip on power.