Economic turmoil and strong U.S. sanctions are forcing tire maker Goodyear to shut down its operations in Venezuela. A Goodyear plant with 60 years of history is shuttering its doors leaving over one thousand people without a job. CGTN's Juan Carlos Lamas has this report from Carabobo State in Venezuela.

Something as simple as changing a tire is now more challenging. After more than 60 years of operations in Venezuela, the only Goodyear tire factory in the country has announced it's closing. In a statement, a spokesman for Goodyear in Latin America, said: "Our goal had been to maintain operations, but economic conditions and U.S. sanctions have made this impossible." Eduardo Arguelles, Goodyear Spokesman Goodyear said it is offering severance payments and giving each worker 10 tires. But some workers claim they have received neither.

LUIS ENRIQUE APONTE WORKER "We just want to work. It's extremely painful that after 26 years of working here suddenly we are left without a job. I'm worried for my family. At my age, it's difficult to start all over."

The company has prohibited anyone taking over the Goodyear brand or using the remaining resources.

EDWARD BREMOR GOODYEAR UNION WORKER "It makes me feel bad, because we are wasting tons of raw materials which could be used to make new tires for Venezuelans who desperately need them to continue driving."

The closure means more than 12-hundred workers are now out of work.

JUAN CARLOS LAMAS CARABOBO STATE, VENEZUELA "With an operational capacity to produce more than 10-thousand tires a day, this Goodyear factory produced at most 2,000 tires a day this past year- according to union representatives."

In a press release, the Venezuelan government claims Goodyear broke the law by taking unilateral action. It said Goodyear violated the constitutional rights of workers and threatened the stability of Venezuela's economy. Venezuela's National Council of Commerce and Services estimates 40 to 45 percent of businesses in the country have closed down over the last year. Goodyear is just the latest international company to close, joining General Motors and Kellogg's. And with the International Monetary Fund predicting hyperinflation will rise 10 million percent next year, experts believe more companies will follow.

Juan Carlos Lamas, CGTN Carabobo state, Venezuela.