The world’s fourth most valuable tyre brand, Goodyear Tyre & Rubber Company has announced that it has halted its operations in Venezuela and started laying off their local workforce. This latest closure of a foreign company is another shot in the crisis-torn Latin American country. According to News channels, when the employees arrived at the Goodyear’s lone factory (CA Goodyear de Venezuela) in the industrial city of Valencia they found it closed with a letter posted on the door that read, “Goodyear Venezuela has been forced to cease operations”.
As per a member of Goodyear’s factory workers union, Eduar Bremo, the company has paid its severance packages to more than 1,200 employees and has given each of them 10 tyres which are highly valuable in the shortage wracked country. He also added that though the plant produced around 1,000 tyres a day, but due to lack of materials and increasing cost it was forced to shut down its operations.
According to the American tyre giant, the firm’s goal “had been to maintain its operations, but economic conditions and U.S. sanctions have made this impossible.” Goodyear thanked all its Venezuelan employees for their support, courage and contribution in tough times.