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GM halts operations in Venezuela after factory is seized
Associated Press ^ | Apr. 20, 2017 10:16 AM EDT | Tom Krisher

Posted on 04/20/2017 7:52:36 AM PDT by Olog-hai

General Motors has stopped doing business in Venezuela after authorities took control of its only factory there in what GM called an illegal judicial seizure of its assets.

The plant was confiscated on Wednesday as anti-government protesters clashed with authorities in a country that is roiling in economic troubles such as food shortages and triple-digit inflation.

The Detroit automaker said in a statement Thursday that other assets such as vehicles were taken from the plant, causing irreparable damage to the company.

It’s not the first time the Venezuelan government has seized a foreign corporation’s facilities. In July of last year, the government said it would take a factory belonging to Kimberly-Clark Corp. after the U.S. personal care giant said it was no longer possible to manufacture in the crisis-wracked nation due to a lack of materials. …

(Excerpt) Read more at bigstory.ap.org ...


TOPICS: Business/Economy; Local News; Travel
KEYWORDS: generalmotors; gm; maduro; venezuela
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1 posted on 04/20/2017 7:52:36 AM PDT by Olog-hai
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To: Olog-hai

Headline reads like they had a choice to continue


2 posted on 04/20/2017 7:55:29 AM PDT by cableguymn (We need a redneck in the white house....)
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To: Olog-hai

Just putting them all on the Maduro diet.


3 posted on 04/20/2017 7:56:11 AM PDT by ichabod1 (I call Obama "osama" because he damaged us far more than Osama bin Ladin ever did.)
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To: cableguymn

Yeah, that was funny. It’s not their factory...


4 posted on 04/20/2017 7:56:50 AM PDT by Mr. Douglas (Best. Election. EVER!)
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To: Olog-hai

Drive out all the producers. That will help the economy for sure.


5 posted on 04/20/2017 8:00:47 AM PDT by FatherofFive (Islam is EVIL and needs to be eradicated)
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To: Olog-hai
GM called an illegal judicial seizure of its assets.

HA! That's rich coming from a company that seized the stocks owned by its rightful owners and gave it to freedom-hating Unions.

Embrace the suck, GM.

6 posted on 04/20/2017 8:00:50 AM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standards at all -- Texas Eagle)
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To: Olog-hai

So the dog caught the bumper of the car, now what?


7 posted on 04/20/2017 8:02:04 AM PDT by SkyDancer (The 3 most common expressions in aviation are, 'Why is it doing that?, 'Where are we?' and 'Oh Crap')
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To: Olog-hai
It’s not the first time the Venezuelan government has seized a foreign corporation’s facilities.

These companies don't care. They can get away from US government regulations and cheap labor. Any losses upon seizure can be passed on to US customers.

8 posted on 04/20/2017 8:03:19 AM PDT by bgill (CDC site, "We don't know how people are infected with Ebola")
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To: Olog-hai
If GM had their factory in the US, this wouldn't have happened.



9 posted on 04/20/2017 8:03:22 AM PDT by ObozoMustGo2012 ("Be quiet... you are #fakenews!")
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To: Olog-hai

Will the Bus Driver President build Buses ?


10 posted on 04/20/2017 8:03:33 AM PDT by butlerweave
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To: Olog-hai

Nationalized!


11 posted on 04/20/2017 8:04:08 AM PDT by grobdriver (Where is Wilson Blair when you need him?)
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To: Olog-hai

Maduro will be proud to have eliminated all those evil capitalist wages that were being paid Venezuelans.


12 posted on 04/20/2017 8:05:23 AM PDT by JimSEA
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To: Olog-hai
Fake news - GM is still doing business through its dealers. The only thing shut down, so far, is the manufacturing plant.

" ... In the meantime, GMV, through its dealers, will continue to provide aftermarket service and parts for its customers," GM said in its statement.

13 posted on 04/20/2017 8:08:08 AM PDT by Cboldt
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To: Olog-hai

GM loves government intervention. What’s the problem?


14 posted on 04/20/2017 8:08:34 AM PDT by BinaryBoy ("Immigration Reform" is ballot stuffing)
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To: FatherofFive
-- Drive out all the producers. That will help the economy for sure. --

GM stock rose on the news.

15 posted on 04/20/2017 8:09:26 AM PDT by Cboldt
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To: ObozoMustGo2012

Are you sure?

Remember what Obozo did in the “reorganization” of GM? He effectively screwed everyone other than the Unions that were involved in the failure.


16 posted on 04/20/2017 8:10:41 AM PDT by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: JimSEA

We will see if he dares take over Empresas Polar.


17 posted on 04/20/2017 8:12:08 AM PDT by Tea Party Terrorist (Why work for a living when you can vote for a living?)
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To: Texas Eagle

Yes! Embrace the suck GM!


18 posted on 04/20/2017 8:13:13 AM PDT by ColdOne ((I miss my poochie... Tasha 2000~3/14/11~ Best Election Ever!)
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To: Olog-hai

But GM was okay with government control when Obama did it.


19 posted on 04/20/2017 8:13:30 AM PDT by Darksheare (Those who support liberal "Republicans" summarily support every action by same.)
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To: Olog-hai

This helps round out their Government Motors experience.


20 posted on 04/20/2017 8:15:06 AM PDT by posterchild (Treade a worme on the tayle, and it must turne agayne.)
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