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:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Karl Rove: Obamacare Proving to Be Dems Undoing in Midterms

Thursday, 23 Oct 2014 07:22 AM

Obamacare is such a political millstone that Republicans need to do very little for voters to hold Democrats responsible . . .

Thousands of Iranians Protest Recent Acid Attacks on Women

Thursday, 23 Oct 2014 06:58 AM

Several thousand Iranians in the city of Isfahan demonstrated against a spate of acid attacks against women and a recent . . .

Bono Joins Lobbying Push on Ebola as US Loosens Purse Strings

Thursday, 23 Oct 2014 06:53 AM

Zimek Technologies thinks it has just the thing to help the U.S. fight Ebola: an automated disinfecting system that can  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

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