U.S. Markets closed

Smurfit Kappa says Venezuela takes temporary control of local unit

Aug 29 (Reuters) - Packaging company Smurfit Kappa Plc said on Wednesday the Venezuelan government had taken temporary control of its Venezuelan business for 90 days.

The company said as a result of this action by the Venezuelan government it was impossible for Smurfit Kappa Carton de Venezuela to manage its affairs in a way that complied with its normal business standards.

The company also said Venezuelan government had detained two of its employees. "We are making all possible efforts to secure their release," Smurfit Kappa said.

(Reporting by Sangameswaran S in Bengaluru. Editing Jane Merriman)