Global General

Venezuela expropriates local arm of US glassmaker

(Xinhua)
Updated: 2010-10-26 14:28

CARACAS - Venezuela has expropriated the local unit of US-based glass maker Owens Illinois because it caused environmental damage and exploited workers, the country's president said on Monday.

The company, operating in the western state of Trujillo, "has been here for years exploiting the workers, destroying the environment," President Hugo Chavez said in a televised speech.

Based in Perrysburg, Ohio, Owens-Illinois Inc is a Fortune 500 company and a leading manufacturer of packaging products in the world. Its South American operations also cover Colombia, Brazil, Peru and Ecuador.

Since he came to power nearly 12 years ago, Chavez has nationalized or expropriated a wide range of foreign-owned companies.