Pirelli becomes latest foreign brand to give up on Venezuela

IndustriesAssociated Press

Italian tire manufacturer Pirelli is suspending production in Venezuela, the latest foreign brand to give up on the crisis-wracked country.

Pirelli's local affiliate said in a statement Tuesday that imported supplies at its factory in Valencia are due to run out June 16. Production in recent years had already fallen to a third of the plant's capacity of 6,000 tires a day. The company employs about 1,000 people in Venezuela.

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The company is the latest battered by crippling shortages now compounded by almost-daily protests against President Nicolas Maduro.

This week United Airlines said it was suspending its Venezuela flight from Houston due to a lack of demand. Colgate-Palmolive has slashed production of some household products, while General Motors said in April it was shuttering operations in the country.