Investors are flocking towards new environmental technology as this segment of the business world has seen massive growth over the last few years. New recycling plants and energy from waste plants are popping up all over the world and many world leaders believe that one of the best ways to create new jobs will be through green technology. However, this growth is still not happening fast enough, largely due to the sluggish global economy which has left many countries in severe debt. The United Kingdom continues to be mired in an economic recession which is one of the longest in modern history. Even though environmental technology promises the jobs of the future and has seen a large amount of growth, the British economy has still taken its toll on the industry.
This was made clear recently when Bridgewater Paper Co. was forced to shut down its paper production and lay off over one hundred and sixty employees. Bridgewater Paper, which is AbitibiBowater’s U.K. subsidiary, is the latest subsidiary to have to stop production of paper. Bridgewater Paper, which is located in Liverpool, says that they are still looking at various options, including finding a new buyer for the plant. The waste paper recycling facility is able to recycle more than two hundred and twenty thousand tonnes of paper annually and is the supplier of newsprint for many British publishers.
One of the reasons for the financial woes is that newsprint prices have dropped severely because of the recession and the fact that many people have made the switch to digital media.
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