Chavez Nationalizes Venezuela Arm of US Bottle Co

Monday, 25 Oct 2010 11:30 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

CARACAS - Venezuelan President Hugo Chavez ordered the takeover of the local unit of U.S. glass bottle firm Owens-Illinois Monday, part of a drive to nationalize large swathes of the food processing and distribution business.

Since an election last month that left the socialist leader's party with a reduced majority in parliament, he has nationalized a large fertilizer factory, a motor lubricants firm and a huge swathe of land belonging to a wealthy British family.

"Expropriate it ... a company of North American capital that has been here for years exploiting the workers, destroying the environment," he said of Owens-Illinois on a late night TV appearance a few hours after returning from a tour of friendly nations such as Russia and Iran.

During nearly 12 years in office, Chavez has gradually nationalized more and more of the economy in a bid to relieve poverty. Critics say his successes at reducing the number of poor families stem from high oil prices, not his socialist policies.

Owens Illinois was founded in 1903 and now makes bottles and jars in Asia, Europe and the Americas. The government usually offers compensation for property put into state hands.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

AP-GfK Poll: Majority Says Send Illegals Home ASAP

Tuesday, 29 Jul 2014 16:53 PM

For nearly two months, images of immigrant children who have crossed the border without a parent, only to wind up in con . . .

US, Europe Impose Tough New Sanctions on Russia

Tuesday, 29 Jul 2014 15:57 PM

President Barack Obama has announced new economic sanctions against key sectors of the Russian economy in the latest mov . . .

Military to Oversee Plagiarism Probe Against Democrat's Sen. Walsh

Tuesday, 29 Jul 2014 16:41 PM

The Department of Defense has taken the unusual step of overseeing a plagiarism investigation being conducted by the U.S . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved