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KELLOGG (K)
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Venezuela reactivates Kellogg plant after company pullout

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05/16/2018 | 05:52pm CEST
A box of corn flakes made by Kellogg is seen on a shopping cart inside a local shop in Caracas

CARACAS (Reuters) - Venezuelan authorities said they were reactivating a Kellogg Co plant under worker control on Wednesday, a day after the U.S. multinational food producer pulled out of the crisis-hit country.

Kellogg joined a host of other multinationals in exiting Venezuela and later confirmed President Nicolas Maduro's leftist government had taken over its manufacturing plant.

On Wednesday, Aragua state Governor Marco Torres slammed Kellogg and guaranteed food production would continue.

"With no notification, this U.S.-based multinational decided to close its doors, leaving 570 workers hanging," said Torres at the plant, in Maracay.

"Yet, we're here - in less than 24 hours."

Millions in Venezuela suffer food and medicine shortages amid hyperinflation. Maduro blames Venezuela's crisis on an "economic war" that he says is being waged by Washington, greedy businessmen and coup-mongers.

He is expected to win Sunday's presidential election, described by the opposition as a sham.

Clorox, Kimberly-Clark, General Mills, General Motors and Harvest Natural Resources are the most recent big names to pull out of Venezuela in the face of economic conditions.

Opposition critics scoffed that the government would quickly plunder the Kellogg plant and ruin its business.

(Reporting by Corina Pons and Vivian Sequera; Writing by Girish Gupta; Editing by Chizu Nomiyama and Steve Orlofsky)

Stocks mentioned in the article
ChangeLast1st jan.
CLOROX -0.10% 119.44 Delayed Quote.-19.70%
GENERAL MILLS 0.86% 42.29 Delayed Quote.-28.67%
GENERAL MOTORS CORPORATION -1.12% 37.85 Delayed Quote.-7.07%
KIMBERLY-CLARK -0.22% 104.55 Delayed Quote.-13.21%
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Financials ($)
Sales 2018 13 440 M
EBIT 2018 2 012 M
Net income 2018 1 504 M
Debt 2018 8 034 M
Yield 2018 3,55%
P/E ratio 2018 14,64
P/E ratio 2019 13,87
EV / Sales 2018 2,20x
EV / Sales 2019 2,14x
Capitalization 21 584 M
Chart KELLOGG
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Kellogg Technical Analysis Chart | K | US4878361082 | 4-Traders
Technical analysis trends KELLOGG
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 20
Average target price 69,5 $
Spread / Average Target 12%
EPS Revisions
Managers
NameTitle
Steven A. Cahillane Chairman & Chief Executive Officer
Fareed A. Khan Chief Financial Officer & Senior Vice President
Brian S. Rice Chief Information Officer & Senior Vice President
James M. M. Jenness Director
Donald R. Knauss Lead Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
KELLOGG-8.46%21 584
NESTLÉ-8.19%238 447
THE KRAFT HEINZ COMPANY-27.40%68 981
MONDELEZ INTERNATIONAL-7.87%58 162
DANONE-5.78%51 795
ASSOCIATED BRITISH FOODS-2.16%29 315