Goodyear closing Venezuelan tire factory

Akron, Ohio — Goodyear’s Venezuelan subsidiary, CA Goodyear de Venezuela, is ceasing production at its 62-year-old factory in Valencia, citing economic conditions and the negative effects of US sanctions on Venezuela.

Goodyear “deconsolidated” this company in 2016, stating at that time that “evolving conditions” in Venezuela — including currency exchange control regulations and continued reductions in access to US dollars — had restricted the company’s ability to pay dividends and royalties and to settle liabilities.

Bridgestone Corp. and Pirelli & C SpA made similar moves at about…

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