Textile fiber technology Spinnova and the largest owner of the company Suzano have signed a non-titova agreement to buy a Woodspin demo plant, Spinnova reports.
Information service Holdings According to, Suzano owns 18.8 percent from Spinnova. Woodspin is a joint venture between Spinnova and Brazilian pulp giant that manufactures and sells Spinnova fiber.
Spinnova plans to acquire all Suzano Woodspin shares at a purchase price of one euro. At the end of 2024, Woodspin’s book value on Spinnova’s balance sheet was EUR 19.4 million.
At the same time, the company provided a profit warning. Spinnova Time to write down Woodspin’s book value, up to EUR 19.4 million.
This would have a negative impact on this year’s result. Spinnova has not given financial guidance for 2025. The trade would not have a negative effect on the cash flow, Spinnova’s bulletin writes.
Spinnova’s net sales last year were EUR 0.8 million and the operating loss was EUR 18.3 million.
Spinnova and Suzano will continue to fund Woodspin during the financial year 2025 in accordance with the agreed and commitment agreed in February 2025.
Spinnova intends to buy Suzano Finland
Spinnova plans to purchase all Suzano Finland shares in a one -euro consideration. The deal would include all the assets of Suzano Finland, which consist mainly of hardware and staff.
Suzano Finland is currently fully owned by Suzano. The company operates in the same premises as Woodspin and supplies the raw material to make wood-based fiber.
The company had net sales of EUR 61,341 and a loss of EUR 4.6 million in 2023.
According to the agreement, Spinnova and Suzano would terminate the Woodspin joint venture agreement and all exclusive rights.
Thus, Spinnova could licenses his technology to a partner of his choice to make fiber from a wood-based raw material, the release states.
In addition, Suzano would invest a total of EUR 5 million in Woodspin and Suzano Finland.
The procurement of all transactions, Woodspin and Suzano Finland shares and the associated exclusions will require final agreements. They will be expected to be completed by the end of August at the latest.
“Fiber production costs are too high”
Spinnova announced that it was updating his strategy. The company will continue its development work to improve the efficiency of the fiber manufacturing concept to reduce production and investment costs.
The aim is to build an international corporate consortium consisting of Woodspin and Suzano Finland.
“However, the production costs of fiber are still too high. For this reason, we will focus in particular on reducing production and investment costs,” Spinnova CEO Janne Poranen Comment in the bulletin.
According to him, the textile chain players have been confirmed that Spinnova’s fiber features are already sufficient for selected commercial applications.
“The goal is to build an international corporate consortium, which aims to speed up Spinnova’s concept scalable. We are currently looking for a wide range of partners in this cooperation.
The most important goal of strategies is to cost cost -effectiveness. In addition, the company has other priorities, such as developing fiber features for non -textile applications.
In February, the company announced that it would launch a strategic evaluation when Suzano decided that it would not invest in the next stages of the cooperation with Spinnova.