Kellogg Company (NYSE:K) announced that the company will be leaving operations in Venezuela, following similar moves from GM, Coca-Cola and Trojan Condoms.

The company’s decision led to authorities in Venezuela announcing that they were seizing a plant owned by the American cereal manufacturer. Kellogg’s plant was taken over after it revealed that it was pulling out of the country as it continues to face a worsening economic and political situation.

President Nicolas Maduro announced that the closure from Kellogg was “absolutely unconstitutional and illegal.” He had previously accused the U.S. of waging an economic war against the government of Venezuela.

Maduro added that the factory had been handed to workers and production would continue there. Previously, workers had said that they had been prevented from entering the plant in the central city of Maracay on Tuesday.

The announcement came ahead of Sunday’s presidential elections. “We’ve begun judicial proceedings against the business leaders of Kellogg’s because their exit is unconstitutional,” President Maduro said in front of a crowd of cheering supporters in the central state of Carabobo.

“I’ve taken the decision to deliver the company to the workers in order that they can continue producing for the people,” he added. Venezuela’s economy has been on the decline since oil prices have been lower, while its currency the bolivar has also been losing value.

K stock is up 0.3% Wednesday.