Clorox exits Venezuela citing govt restrictions [View all]

[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