The Clorox Company announced it will abandon two of its factories in Venezuela because price controls in the country are too strict, but the country's president wants to take over the abandoned buildings.

"Socialist formula: any company that's abandoned will be taken over by the working class," President Nicolas Madurosaid, according to the BBC.

The Oakland-based cleaning products-maker said the price freeze in the country was crippling to the company and announced they were leaving the country. In return, Venezuelan authorities accused the company of illegally abandoning.

The annual inflation rate is 63.4 percent, a number that has caused millions of dollars in losses for Clorox.

The company said on Sept. 22 that it intended to close both facilities and sell its assets, because the prices in the country have created huge losses for the company.

For three years, the company said it had to sell more than two-thirds of its products at fixed prices that did not cover its production costs.

On Friday, the government announced the seizure of the facilities.

"The legal documents in various government and judicial institutions demonstrate the abandonment of their legal and constitutional responsibilities," Maduro said.

And the government has decided to reopen the factory after seriously considering a viable business strategy.

The BBC reports Venezuelan Vice-President Jorge Arreaza said, "We are going to make a plan to reactivate the factory, we cannot make hasty decisions."

But Clorox is not the only company to suffer losses from the governmental price controls.

Major airlines, Avon and Colgate-Palmolive are among the others, Slate reported.

Maduro sees the move by Clorox, and the reduction of flights to the country by airline companies, as an economic war on the socialist government, according to the BBC.

Though the country still sells the U.S. a large amount of oil, according to Slate, neither country has had an ambassador to the other since 2010 due to comments made by the U.S. diplomat then.