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MILAN, April 2 (Reuters) - CNH Industrial said on Wednesday its truck and commercial vehicles unit Iveco would suspend manufacturing operations in Venezuela after currency controls hit imports of components and materials.
“With the continuing currency crisis which has caused difficulties for Venezuelan industry in the importation of key components and materials, Iveco is reluctantly suspending, with immediate effect, its manufacturing operations in the country,” the company said in a statement.
The company said it remained committed to the Venezuelan market and through its 32 locations nationwide will continue providing parts and service activities.
“It is Iveco’s intention to resume manufacturing at La Victoria when market conditions improve and stabilise,” it added.
Iveco opened its La Victoria plant in 1954 and has a total labour force there of 400 workers. In 2013, the operation produced some 1,700 trucks and buses.
By 1417 GMT, the stock was down 0.06 percent at 8.38 euros, compared with a 0.75 percent fall in Milan’s blue-chip index . (Reporting by Agnieszka Flak; Editing by Greg Mahlich)