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U.S. firm Owens-Illinois has been making glass bottles in Venezuela for 50 years. It will continue... but under new ownership.
Today, it was nationalized by President Hugo Chavez.
“The expropriation is already ready of this glass company,” Chavez said on state television. “What’s it called? Owens-Illinois. Expropriate it.” He claimed it " had been exploiting workers."
On the NYSE, the stock plummeted almost 8% even though Venezuela accounts for less than 5% of its profit.
