In the 1950s Tasman Pulp and Paper built a huge factory at Kawerau to process wood from the pine forests close by. It was the largest factory outside the main centres and was undoubtedly a major investment. On 2 March 1987 a magnitude 5.2 earthquake hit the area, and the factory suffered considerable damage – not only the broken chimney shown here, but also twisted stairs and walkways and a toppled truck. Such damage represented disinvestment because it reduced capital formation at that site.
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