Goodyear tires became the latest foreign company to pull out of venezuela when it announced on December 10 that it would stop doing business there.
Goodyear said in a letter to workers that he would pay them statutory severance payments and give each worker 10 tires, foreign media reported.
That is valuable given venezuela's inflation and shortages.
Goodyear said the reason for the closures was venezuela's poor economic situation and the impact of us sanctions.
This factory is 62 years old.Goodyear announced in 2016 that it would "dissolve" the Venezuelan company.
Bridgestone and pirelli took similar steps at the same time.
Goodyear said he wanted to keep the plant open, but that was frustrated by deteriorating local economic conditions and U.S. sanctions.
Goodyear's Venezuelan tire factory employs 750 people and can produce 12,000 tires a day for passenger cars, light and medium trucks, according to the company.
Venezuela accounts for a third of Goodyear's Latin American revenues, with some of its operations generating $119m in revenue in fiscal 2015.
Pirelli closed its Venezuelan plant earlier this year and shed assets in September.
Bridgestone sold its Venezuelan operations to local companies in 2016.
Venezuela is in a deep economic crisis, with demand for consumer goods plummeting and companies unable to import raw materials, prompting several foreign companies to declare a permanent exit from the country.
Venezuela's opposition national assembly says the country's consumer price index rose 1300000% in November from a year earlier.