Venezuelan president defends seizure of Clorox factory

CARACAS, Venezuela, Sept. 30 (UPI) -- Venezuelan President Nicolas Maduro defended the nationalizing of a factory owned by Clorox.

After the company, based in Oakland, Calif., announced last week it would close its production facilities in Venezuela -- claiming the country's annual inflation rate of 63.4 percent and government price controls on its products were hindering it -- Venezuelan authorities seized the facilities Friday. The government claims Clorox abandoned the facilities.

"Socialist formula: any company that's abandoned will be taken over by the working class. The legal documents in various government and judicial institutions demonstrate the abandonment of their legal and constitutional responsibilities," Maduro said, adding the closing of the factories was part of an "economic war" waged against the government.

"We are going to make a plan to reactivate the factory, we cannot make hasty decisions," Vice President Jorge Arreaza said after Clorox warned a reopening of the facilities could have safety risks for workers.

"This is a very difficult situation for our company. We are working to support them (Venezuelan workers) through this transition," CEO Don Knauss said in a statement.

Airlines have reduced flights in and out of the country, and multinational corporations have said the currency controls and high inflation make it difficult to do business in Venezuela.