Citgo
Original Headquarters: Houston, Texas
Purchased By: Petróleos de Venezuela
Country: Venezuela
Citgo was formed in 1910 in Bartlesville, Oklahoma, and has since grown into a well-known refiner and marketer of fuels and other products. Petróleos de Venezuela, a Venezuelan firm, purchased 50% of Citgo in 1986 and became the brand’s parent company. The company’s journey has not always been easy. In 2010, President Hugo Chavez announced plans to sell Citgo, citing “bad business” and declining earnings. However, the sale was never completed, and bonds were sold instead. During an economic downturn in 2013, it was offered to Russia as collateral for a debt, with its future growing increasingly dubious.
Citgo
General Electric
Original Headquarters: Boston, MA
Purchased By: Haier (Appliances division only)
Country: China
General Electric may have begun as a small brand when it was created in 1892, but the corporation has expanded dramatically since then. Now, GE is involved in a variety of industries, including aviation, healthcare, electricity, and venture capital. It is a giant. Many Americans find the brand appealing because its items have the “Made in America” label. However, it is worth noting that GE sold its Appliances section to the Chinese company Haier in 2016. Haier acquired the company from GE for $5.4 billion, a record-breaking sum at the time.
General Electric
