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The financial details of the operation haven’t been disclosed, the firm added. (Luke Sharrett/Bloomberg)

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sold its Venezuelan ice cream business to truck dealer , as a renewed bout of high inflation and political uncertainty hits the Andean nation’s private sector.

The transaction, effective July 3, included the Tio Rico ice cream brands, their office and factory, the company said in an emailed response to questions. The financial details of the operation haven’t been disclosed, the firm added.

“Mack was selected after a careful process considering their capabilities, values, and vision for the future of the business. We are working closely with Mack to ensure a smooth transition and to safeguard business continuity for employees, customers, and partners,” Unilever said.

Mack de Venezuela — which represents the Mack, Volvo and Dongfeng truck brands in the country, according to its website — couldn’t be immediately reached for comment.

It’s a challenging time for Venezuela’s economy, with conditions swiftly deteriorating since U.S. President Donald Trump’s administration limited waivers that allowed foreign companies to pump oil in the socialist-run South American country. Inflation is ticking higher and distortions in the currency market hamper day-to-day operations for local businesses.

Many multinational companies have left Venezuela in the past decade, including Kellogg Co., Kimberly-Clark Corp., Colgate-Palmolive Co. and Cargill Inc. Others, meanwhile, have reduced operations or transferred the distribution of their products to local firms.

Unilever also represents personal care brands in the country, such as Dove. The company didn’t confirm whether it also exited that part of the business.

“Unilever’s portfolio of global and local brands across its categories will continue to be available to Venezuelan consumers,” it said in the emailed statement.

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