Sappi is a

global diversified wood fibre company focusing on providing dissolving pulp,

packaging and speciality papers, graphic papers as well as biomaterials and

biochemicals to their direct and indirect customer base across more than 150

countries. In 2013, Sappi shifted its South African timber resources into the

production of dissolving wood pulp to meet growing demand for viscose fibre in

the Far East, as traditional paper markets decline. With the recent completion

of major expansion and conversion projects at its Ngodwana and Cloquet mills

and the ramp-up of production of dissolving wood pulp, Sappi has re-positioned

itself to take advantage of growing markets for this versatile product.

In 2013, Sappi followed

a _____ corporate decline strategy.