Woodspin Joint Venture Change Negotiations
Woodspin Oy, the exclusive producer of wood-based SPINNOVA fibre, jointly owned by Spinnova Oyj and Suzano Plc, is undergoing change negotiations following a strategic review initiated in February 2025. The review aims to evaluate the viability of Woodspin’s operations, which currently face financial difficulties.
Financial Challenges and Considerations
- Woodspin operations show heavy cost structure and unprofitable performance.
- Transformation towards profitability may require substantial investments with uncertain financing possibilities.
- In 2024, Woodspin reported a loss of EUR 6.7 million, with Spinnova’s share amounting to EUR 3.4 million.
- As of December 31, 2024, Woodspin’s book value on Spinnova’s balance sheet stood at EUR 19.4 million.
Personnel Impact and Duration
- The change negotiations involve all 33 employees of Woodspin, potentially leading to workforce reduction including redundancies.
- Decisions regarding personnel changes will follow the conclusion of negotiations, with an estimated duration of at least six weeks.
- Implementation of outcomes expected by December 31, 2025.
Spinnova Strategic Assessment
Spinnova has commenced a strategic review on February 28, 2025, encompassing all its joint ventures for future planning and actions. The company expects to finalize the strategic assessment in the coming months.
For further information, please contact:
Janne Poranen
CEO, Chair of the Board
Tel: [contact number]
[Certified advisor details]
[Distribution details]
[Nasdaq Helsinki information]
About Spinnova Technology
Spinnova, a Finnish-based innovation in textile materials, revolutionizes global textile manufacturing processes. The patented technology produces fibre from sustainable sources like wood pulp or waste materials, ensuring environmental compatibility and recyclability. Spinnova’s technology offers minimal CO2 emissions, water usage, and production waste.
Find more information about SPINNOVA shares and company developments on Nasdaq First North Growth Market Finland.
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