June, 01 2017 (BBC)
Tyre manufacturer Pirelli says it is suspending its production in Venezuela indefinitely as it can not get the necessary raw materials.
Pirelli is the latest foreign company to suspend its operations in Venezuela amidst a severe economic crisis.
The firm said it would cease production at its Guacara plant in Carabobo state from 16 June after 26 years in business in Venezuela.
It comes a month after General Motors said it was leaving Venezuela.
In a statement, Pirelli of Venezuela said it would do everything possible to continue supplying the country with tyres.
The Venezuela division of the Italian-based tyre maker had halted production once before for two weeks last January, but this time it said the suspension was indefinite.
Earlier this week, Colgate-Palmolive announced it would no longer produce dishwashing liquid and detergent in Venezuela, also due to a lack of raw materials.
Also this week, United Airlines said it was suspending its Houston to Caracas route due to a lack of demand from 1 July.
The government blames the crisis on an “economic war” being waged against it by “US imperialists and the Venezuelan oligarchy”.
But critics say the dire state of the economy is the fault of 18 years of mismanagement by the socialist governments of presidents Hugo Chávez and Nicolás Maduro.
Almost daily anti-government protests have further heightened tensions in the oil-rich country.