Spinnova Acquires Full Ownership of Woodspin Demo Plant
Spinnova has signed a non-binding term sheet to secure full ownership of the Woodspin demo plant following a strategic review. The Woodspin joint venture, owned by Spinnova Oyj and Suzano S.A., will see Spinnova acquiring all shares held by Suzano S.A. for a symbolic EUR 1, continuing joint funding for 2025. Suzano Finland Oy assets will also be acquired, including refining equipment and MFC technology, with most employees transitioning. The joint venture agreement with Suzano S.A. will be terminated, allowing Spinnova to license its technology.
Strategic Changes and Agreements
- Spinnova Oyj to acquire all Woodspin Oy shares from Suzano S.A. for EUR 1
- Acquisition of Suzano Finland Oy shares for EUR 1
- Suzano to contribute EUR 5 million to Woodspin and Suzano Finland
- Termination of joint venture agreement enabling technology licensing
Operational Impact and Future Plans
The planned acquisitions will not affect Spinnova’s operations in the short term. Spinnova gains full ownership of the demo facility, ensuring seamless production of SPINNOVA fibre. Staff negotiations at Woodspin have resulted in temporary layoffs, with operations on hold pending alternative solutions.
For more details, contact Janne Poranen, CEO of Spinnova.
Spinnova Technology Revolutionizing Textile Industry
Spinnova’s innovative technology produces textile fibre from wood pulp sustainably and without harmful chemicals, offering a biodegradable, recyclable, and CO2-efficient alternative. SPINNOVA fibre mimics natural cellulosic fibres like cotton, enhancing textile sustainability.
For updates and information, visit Spinnova’s investor relations site.
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