A PYMNTS Company

Venezuela: Kimberly Clark exits country

By  |  July 12, 2016
Venezuela: Kimberly Clark sale de Venezuela

“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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    Subscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.