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Venezuela: Kimberly Clark exits country

By  |  July 12, 2016

“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.

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    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

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