Clorox Discontinues Venezuela Business; Confirms FY15 Outlook

(RTTNews) - The Clorox Company (CLX) announced that Clorox Venezuela is discontinuing its operations, effective immediately, and is seeking to sell its assets. The company said the affiliate, Clorox Venezuela, is no longer viable. Clorox noted that its other international businesses are not impacted. The company announced that its fiscal 2015 financial outlook continues to anticipate sales to be about flat and earnings per share from continuing operations to be in the range of $4.35-$4.50.

For nearly three years, Clorox Venezuela was required to sell more than two-thirds of its products at prices frozen by the Venezuelan government. During the period, Clorox Venezuela experienced cumulative triple-digit inflation resulting in massive increases in Clorox Venezuela's input costs, including packaging, raw materials, transportation and wages. As a result, Clorox Venezuela had been selling its products at a loss, causing ongoing operating losses.