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Report: Venezuela to reopen local Goodyear tire factory

The Venezuelan government will reopen the tire factory that Goodyear Tire & Rubber Co. shut down due to hyperinflation in the country, Reuters reported Dec. 11, citing a statement released by state television.

President Nicolas Maduro's administration reportedly said it will guarantee the jobs of the facility's 1,160 workers but did not say if the government will occupy the site as it has done with previous cases of overseas companies exiting the market.

The government added that the chief state prosecutor will investigate the heads of Goodyear's local subsidiary since it sees the closure as an act of economic "sabotage," the newswire reported.

A Goodyear spokesman did not immediately respond to a comment request, the report said.