Clorox exits Venezuela citing govt restrictions

[Zorro]

Clorox is shutting down all operations in Venezuela, citing restrictions by the government, supply disruptions and economic uncertainty.

Shares jumped 3 percent before the opening bell Monday.

The consumer products company said that for almost three years its affiliate, Corporación Clorox de Venezuela S.A., had to sell more than two-thirds of its products at prices frozen by the Venezuelan government. Over that same time span, there was a sharp rise in inflation that resulted in significantly higher costs for Clorox.

The Clorox Co. affiliate met repeatedly met with government authorities and said it had expected significant price hikes would be allowed earlier in 2014.

http://news.yahoo.com/clorox-exits-venezuela-citing-govt-restrictions-131401778--finance.html

[maximillian1974]

1. Oh no!

Poor clorox, I hope they're able to make it through this tough time, and they're children don't go hungry......who cares. I hope Venezuela doesn't cave into corporate blackmail and end the attempt to fix social inequality.

[Marksman_91]

2. You really don't have a clue about what's going on there, do you?

[hack89]

3. VZ is destroying their economy

you can't fix the price that companies can sell their products at a price lower than the cost to produce it. It doesn't work even in socialist economies.