Kellogg's latest U.S. brand to close door on Venezuela

Security personnel uses a monocular while Venezuela's President Nicolas Maduro delivers his speech to supporters during a campaign rally in Charallave

According to Euromonitor, Alimentos Kellogg dominated the breakfast cereals sector in Venezuela a year ago with a 50% retail value share.

"We've begun judicial proceedings against the business leaders of Kellogg's because their exit is unconstitutional", Mr Maduro told cheering supporters in the central state of Carabobo.

The Battle Creek, Michigan-based company said in a statement Tuesday that it was prompted to cease operations as a result of continued economic deterioration.

President Nicolas Maduro, who has previously accused the U.S. of waging economic war against his government, called the closure "absolutely unconstitutional and illegal".

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Under the backdrop of strict price controls and hyperinflation, Kellogg is the latest multinational to exit the country. According to the documents reviewed by Reuters, the Venezuelan company purchased the oil from Chinese, Russian, and Swiss firms, but not in cash, rather, in commitments to deliver other crude oil cargoes, adding to the pile of debts of the Venezuelan state and PDVSA.

The food giant is just the latest global company to partially or completely close shop in the troubled and chaotic nation, following others such as Kimberly-Clark kmb and Colgate-Palmolive cl .

In 2016, Venezuela's government took over a plant belonging to US-based hygiene products manufacturer Kimberly-Clark after it announced it was stopping operations because it could not obtain raw materials. "Operations halted due to lack of raw materials, the government took it over, and now it's paralysed...."

In family breakfast cereals, Kellogg's Corn Flakes also held the leading position in 2017 with a 46% value share. All its contractual obligations have been settled with employees, suppliers and customers, the company said, while the license agreement for the use of its brands and characters in Venezuela has been terminated.

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