CARACAS, Venezuela (AP) — U.S. tire company Goodyear has announced it will no longer continue production in Venezuela as economic conditions in the South American nation continue to deteriorate.

Spokesman Eduardo Arguelles confirmed to The Associated Press Monday that Goodyear-Venezuela has decided to stop producing tires.

Arguelles said the company's goal had been to maintop operations but that "economic conditions and U.S. sanctions have made this impossible."

Goodyear is the latest international corporation to cease operations in Venezuela, which is suffering hyperinflation and an economic contraction worse than the U.S. Great Depression.