Kellogg's latest USA brand to close door on Venezuela

Includes 3,187 boepd of lubricants

US -based food company Kellogg said on Tuesday it had pulled out of Venezuela due to its brutal economic crisis, the latest business to end operations in the oil-rich nation heaving under hyperinflation and strict price controls.

The United States based cereal maker Kellogg is pulling out of Venezuela because of the economic deterioration in the country.

At the petro's launch on February 21, Maduro heaped praise on two Russians in the audience who worked with wealthy, Kremlin-connected businessmen, thanking their previously unknown startups — Zeus Exchange and Aerotrading — for their role developing what he joked would be a kind of "kryptonite" against US economic dominance.

Venezuela's government purchased a 49 percent stake in Evrofinance in 2011, making the bank, which traces its history back a century as a western financial outpost for the Soviet Union, a vehicle for binational trade and investment projects, with nearly $800 million in assets. "We've begun judicial proceedings against the business leaders of Kellogg's because their exit is unconstitutional", President Maduro said in front of a crowd of cheering supporters in the central state of Carabobo.

The company's local operations had around 400 workers, according to local media.

Kellogg did not specify what difficulties it was facing in Venezuela, but companies typically struggle to find raw materials due to product shortages and currency controls that crimp imports. Maduro's government also stops companies from raising prices to keep up with hyperinflation, sometimes forcing companies to sell below the cost of production.

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Socialist Maduro has taken over the factories of some companies that have left the country.

"This reminds me of the Clorox case", opposition lawmaker Jose Guerra tweeted about Kellogg.

In family breakfast cereals, Kellogg's Corn Flakes also held the leading position in 2017 with a 46% value share.

The Kellogg Co.is closing operations in Venezuela at a time of widespread hunger in the crisis-wracked South American nation.

For its part, the company warned Maduro against using its patents and brand names for sales "without the expressed authorization of the Kellogg Company".

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