Venezuela vows to reactivate Goodyear plant

FeaturesAssociated Press

Venezuela's government says it will reactivate an assembly line after U.S.-based Goodyear Tire & Rubber announced it will no longer produce tires in the crisis-wracked country.

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The socialist government said in a statement Tuesday that it aims to preserve some 1,160 jobs. The government has made similar pledges following other plant closures in the past only to see its efforts fall short.

It called the Akron, Ohio-based company's decision to halt production in the industrial city of Valencia illegal and vowed to pursue legal action against its Venezuelan executives for alleged "sabotage."

Goodyear is the latest international corporation to cease operations in Venezuela amid hyperinflation, price controls, U.S. financial sanctions and an economic contraction worse than the U.S. Great Depression.