Iveco Suspends Manufacturing Operations In Venezuela

(RTTNews) - Iveco, the truck and commercial vehicle business of CNH Industrial N.V. (CNHI), said Wednesday that it is suspending, with immediate effect, its manufacturing operations in Venezuela due to the continuing currency crisis that has caused difficulties for Venezuelan industry in the importation of key components and materials.

Iveco has a long history in Venezuela having opened its La Victoria manufacturing base in 1954. Currently, Iveco Venezuela has a total labor force of 400 workers and produces a range of trucks and bus chassis. In 2013 some 1,700 trucks and buses were manufactured.

Iveco plans to resume manufacturing at La Victoria when market conditions improve and stabilize.