“All operations in our Caracas, Venezuela offices, along with those at the plant and Distribution Center in Maracay, have been suspended indefinitely, and Kimberly Clark will not continue to produce, distribute or sell any of its mass market and institutional product lines for as long as this suspension is in place.” With this, the company announced its exit from Venezuela.
Kimberly Clark is one of the largest enterprises in Venezuela, producing personal hygiene products for mass consumption. The company explained it would suspend its activities owing to a “deterioration of economic and business climate conditions”. Since 2003, Venezuela has maintained currency exchange controls which effectively give the State a monopoly on the country’s exchange rates, sold through a burdensome bureaucratic process.
Kimberly Clark has said that, should economic conditions improve, They will “evaluate their viability options” in returning to the South American country, adding that they “are committed to the growth of their remaining business operations in Latin America.”
Full Content: El Comercio
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
CVS Health Explores Potential Breakup Amid Investor Pressure: Report
Oct 3, 2024 by
CPI
DirecTV Acquires Dish TV, Creating 20 Million-Subscriber Powerhouse
Oct 3, 2024 by
CPI
South Korea Fines Kakao Mobility $54.8 Million for Anti-Competitive Practices
Oct 3, 2024 by
CPI
Google Offers Settlement in India’s Antitrust Case Regarding Smart TVs
Oct 3, 2024 by
CPI
Attorney Challenges NCAA’s $2.78 Billion Settlement in Landmark Antitrust Cases
Oct 3, 2024 by
nhoch@pymnts.com
Antitrust Mix by CPI
Antitrust Chronicle® – Refusal to Deal
Sep 27, 2024 by
CPI
Antitrust’s Refusal-to-Deal Doctrine: The Emperor Has No Clothes
Sep 27, 2024 by
Erik Hovenkamp
Why All Antitrust Claims are Refusal to Deal Claims and What that Means for Policy
Sep 27, 2024 by
Ramsi Woodcock
The Aspen Misadventure
Sep 27, 2024 by
Roger Blair & Holly P. Stidham
Refusal to Deal in Antitrust Law: Evolving Jurisprudence and Business Justifications in the Align Technology Case
Sep 27, 2024 by
Timothy Hsieh