BREAKING NEWS

Chavez announces is nationalizing US glass-making company

By ASSOCIATED PRESS

OCTOBER 26, 2010 07:47

Venezuela — Venezuelan President Hugo Chavez on Monday ordered the expropriation of US-based glass maker Owens-Illinois Inc.'s unit in the South American country.

Chavez announced plans to expropriate the company in a televised speech, saying it operates in western Trujillo state.

The leftist leader criticized the company's practices in the country, saying it had been "taking away the money of Venezuelans" and exploiting local people. Chavez did not detail his complaints about the company.

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