Kellogg ceases business activities in crisis-wracked Venezuela

Kellogg's exits Venezuela over social and economic 'deterioration'

The company has been producing cereal in Venezuela since 1961 and the market had at one point been its biggest in Latin America after Mexico although in 2016 it deconsolidated its Venezuela business from the company's overall earnings results.

Kellogg did not specify what difficulties it was facing in Venezuela, but companies typically struggle to find raw materials due to product shortages and currency controls that crimp imports. Not surprisingly, its biggest shareholders are Venezuelan president Nicolas Maduro's government and two state-controlled Russian companies now under USA sanctions.

Evrofinance and its executives didn't return repeated email requests for comment.

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Venezuela on Wednesday reactivated a Kellogg plant under work control, a day after the cereal maker joined an exodus of US companies from the crisis-wracked country. Workers said they were prevented from entering the plant in the central city of Maracay on Tuesday. 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.

The move by the multinational was a typical one in Venezuela after years of economic crisis.

In the case of the Petro, investors who registered with Venezuela's government and downloaded the Petro wallet software could buy the cryptocurrency 1,000 euros or more to a Venezuelan government account at Evrofinance.

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Mr Maduro blames Venezuela's crisis on an "economic war" that he says is being waged by Washington, greedy businessmen and coup-mongers.

Socialist Maduro has taken over the factories of some companies that have left the country. In 2014, authorities took over two plants belonging to USA cleaning products maker Clorox Co after its departure.

For its part, the company warned Maduro against using its patents and brand names for sales "without the expressed authorization of the Kellogg Company".

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