(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.
Since you’re here …… we have a small favour to ask. More people are reading the Today Venezuela than ever but advertising revenues across the media are falling fast. And unlike many news organizations, we haven’t put up a paywall – we want to keep our site as open as we can. So you can see why we need to ask for your help. Updating reports on Today Venezuela takes a lot of time, money and hard work. But we do it because we believe our reports matter.
If everyone who reads Today Venezuela, who likes it, helps to support it by clicking our ads, our future would be much more secure. Do you part, click on an ad today.