Global Processing

Venezuela''s Chavez Criticizes Coca-Cola, Pepsi

June 7, 2010
President Hugo Chavez announced plans to take over more private companies in Venezuela and also said his government should review the use of water by transnational companies like Coca-Cola and Pepsi, reports the Associated Press. Chavez said during his weekly TV and radio program that he has approved decrees for the "forced acquisition" of two companies: Alentuy CA, which makes aluminum cans and other products, and Envases Internacional SA, which makes containers for the food industry. Chavez also expressed concern about "water that transnational companies have privatized," and he mentioned Coca-Cola and Pepsi. Chavez toured the state-run dairy company Los Andes in northwestern Lara state, where he said production has skyrocketed since it was nationalized. Chavez said the government is expropriating several small food distributors and other companies because authorities say they were violating price controls and hoarding items.