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Socialists will take over abandoned factories

Staff writer ▼ | September 30, 2014
Venezuelan President Nicolas Maduro said that his government was applying the "socialist formula: an abandoned company taken over by the working class".
Nicolas Maduro
Working class   Venezuelan President Nicolas Maduro:
President Maduro said that in reference to last week's occupation of plants belonging to the U.S. cleaning products maker Clorox.

"It's the socialist formula. Any company that is abandoned will be taken over by the working class with the support of the revolutionary government. Let it be known," President Maduro said during a cabinet meeting aired Monday on state television channel VTV.

The Venezuelan government Saturday announced the "temporary" occupation of the Clorox plants as well as the resumption of production once "operational restrictions" are done away with.

The Clorox Company reported Monday from its U.S. headquarters that it had left Venezuela due to measures imposed by Maduro's government, economic uncertainty and supply interruptions.

Maduro said that the closure by the multinational was due to the "economic war" on his government by certain players who want to end his mandate, and which, he says, had entered a new phase of "international financial war."

The U.S. company said in a statement that for almost three years it was forced to sell over two-thirds of its products at prices determined by the government which led to a huge increase in the costs of production and steady operational losses.