chavez orders expropriation of owens-illinois - glass containers with silicone sleeve
Venezuelan President Hugo Chavez on Monday ordered the confiscation of US Treasury bonds. S. -
Owens glass manufacturersIllinois Inc.
Units in South American countries.
In a televised speech, Mr. Chavez announced plans to confiscate the company, saying it operates in the state of West Trudeau.
Chavez's latest acquisition will not be his last. Left-wing leaders criticized the company's practices in the country, saying the company "took the money of the Venezuelan people" and exploited the local people.
Chavez did not elaborate on his complaints about the company.
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When Putin met, the company based in Perrysburg, Ohio, did not immediately respond. Owens-
Illinois also operates in Latin America in Colombia, Brazil, Peru, Ecuador and the Caribbean, focusing on the manufacture of glass containers.
It is unclear how the government will deal with compensation for the company's assets in Venezuela.
Chavez nationalized or confiscated various companies, including cement manufacturers, retail stores and steel mills, while trying to lead Venezuela to a socialist system.
In his speech, he said more acquisitions were planned.
"There is another list here," Chavez said . " But he added that he will keep more announcements for the future.