E-Malt.com News article: Venezuela: Chavez puts pressure on Empresas Polar

Venezuela sent troops to two factories owned by U.S. bottle maker Owens Illinois on Tuesday after President Hugo Chavez nationalized its operations in a growing effort to build a socialist state, Reuters reported on October 27th.

He has ordered the nationalization of several companies linked to food and beverage production since elections last month that reduced his party's majority in parliament.

Many Venezuelans believe the recent takeovers are intended to put pressure on Empresas Polar SA, the country's top private employer and largest brewer and food processor. Chavez has long threatened to nationalize Polar, which uses Owens Illinois' bottles for beer and beverages.

Chavez warned on Monday that he had "another little list" of companies to be nationalized, but he gave no details.

Companies recently taken over by Venezuela's government include Fertinitro, a major fertilizer plant owned by U.S. company Koch Industries, Italy's Eni and Polar.

Grain storage and agrochemical company Agroislena has also been nationalized, and last month Chavez announced the purchase of 500,000 acres of land belonging to Britain's Vestey Group.


27 October, 2010