Company News, Financial News

Venezuela Takes Its Toll on FMCG Companies

Avon, P&G and others note the drag on 2013 results.

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By: TOM BRANNA

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The seven largest consumer and household goods companies operating in Venezuela, including Kimberly-Clark Corp., Avon Products and Newell Rubbermaid Inc., had the equivalent of $3.7 billion trapped in the country at the end of last year, calculated at the official rate of 6.3 bolivars per dollar, according to their annual and quarterly filings. Avon derives 5% of its profits from the country. “Earnings revisions from Venezuela are likely to be negative rather than positive,” BMO Capital Markets...

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