CARACAS, Venezuela (AP) -- Venezuelan President Hugo Chavez has approved a decree formalizing the expropriation of an auto parts company that has been closed since last year.
The expropriation of AutoSeat de Venezuela took effect Thursday after the decree's publication in the Official Gazette. The presidential decree called it a "forced acquisition."
Chavez announced plans to expropriate the company in June, saying it would be relaunched by the government.
The auto assembly industry in Venezuela has been troubled due to labor conflicts and delays in government approval for dollars to pay for imported parts.
The company closed the two plants it had in the town of Guacara and Los Guayos last year. There was no immediate reaction from the owners.