Goodyear Light Truck Tires, Goodyear closing Venezuelan tire factory

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Goodyear Light Truck Tires – Goodyear’s subsidiary in Venezuela, CA Goodyear de Venezuela, stopped production at its 62-year-old factory in Valencia, citing economic conditions and the negative effects of US sanctions on Venezuela.

Goodyear “consolidated” the company in 2016, which stated at the time that “developing conditions” in Venezuela – including currency exchange control regulations and continued reduction in access to the US dollar – had limited the company’s ability to pay dividends and royalties and to settle obligation.

Goodyear Light Truck Tires

Bridgestone Corp and Pirelli & C. S.p.A. take similar steps at almost the same time.

Goodyear said the company’s goal “is to maintain its operations, but economic conditions and U.S. sanctions make this impossible.”

The company thanks Goodyear-Venezuela employees for their contribution and commitment “in very difficult conditions.”

Goodyear did not disclose what, if any, severance settlement might have been achieved with the workers there.

In its latest report, Goodyear employs 750 at the Valencia plant, which is rated at 12,000 cars, light and medium truck tires a day.

Venezuela accounts for a third of Latin America’s Goodyear income and contributed $ 119 million in segment operating income recently as fiscal year 2015.

Earlier this year Pirelli suspended operations at its factory in Guacara and released unit assets in September.

Pirelli does not identify investors or disclose any financial information, but says that the release will have no financial effect on the group. The agreement calls for continued work at the 28-year-old factory.

Bridgestone divested its business unit in Venezuela – Bridgestone Firestone Venezolana C.A. (BFVZ) in 2016 – to Corimon Group, a Venezuelan capital investment company.

Bridgestone Firestone Venezolana operates a tire factory, in Valencia, which opened in 1955 and produces passenger tires, light and medium trucks, with nearly 1,300 employees.

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