Venezuela reactivates Kellogg plant after company pullout

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

Kellogg latest US brand to ditch crisis-wracked Venezuela

Venezuela on Wednesday reactivated a Kellogg plant under work control, a day after the cereal maker joined an exodus of USA companies from the crisis-wracked country.

The socialist regime nationalized the company's production plant in the city of Maracay in response to the move.

The Battle Creek-based company said in a statement Tuesday that it was prompted to cease operations as a result of the "current economic and social deterioration in the country".

Millions in Venezuela suffer food and medicine shortages amid hyperinflation.

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Clorox CLX.N , Kimberly-Clark KMB.N , General Mills GIS.N , General Motors GM.N and Harvest Natural Resources are the most recent big names to pull out of Venezuela in the face of economic conditions.

Maduro accused Kellogg of trying to sabotage his chances of getting re-elected in Sunday's presidential vote. "Because we are four days away from elections and they think it will spook the people", Maduro told supporters.

President Maduro, who has been in office since 2013, blames Venezuela's problems on an "economic war" being waged by foreign governments and businesses.

Maduro said the factory would now be "producing with the industrial working class".

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In family breakfast cereals, Kellogg's Corn Flakes also held the leading position in 2017 with a 46% value share. "It was paralyzed due to lack of raw materials, the government took it and today it is paralyzed". Kellogg produced dozens of cereals and other products from the plant.

Kellogg warned against the unauthorized production and sale of its products, threatening legal action if necessary.

Kellogg's factory in Maracay, with a giant figure of Tony the Tiger lording over the entrance, employs around 550 people and produces 75 percent of the breakfast cereals Venezuelans consume, according to the company's website. All its contractual obligations have been settled with employees, suppliers and customers, the company said, while the license agreement for the use of its brands and characters in Venezuela has been terminated.

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