“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.
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.
Featured News
UK Government Approves Vodafone-Hutchison Merger
May 9, 2024 by
CPI
Senate Majority Leader Announces Plan for AI Regulation Framework
May 9, 2024 by
CPI
BBVA Initiates Aggressive Takeover Bid for Sabadell
May 9, 2024 by
CPI
TikTok to Label AI-Generated Content Amid Election Interference Concerns
May 9, 2024 by
CPI
Italy’s Antitrust Authority Imposes Heavy Fines on Car Rental Giants
May 9, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI