Spinnova Acquires Suzano's Stake in Woodspin for $2, Securing Full Ownership

Spinnova has acquired Suzano's stake in Woodspin Oy for €2, gaining full ownership of the joint production venture. Suzano will contribute approximately $5.8 million to Woodspin and Suzano Finland. Operations at Woodspin have ceased until further notice, but Spinnova can now license its technology freely. The acquisitions won't have a short-term adverse cash flow effect. Spinnova has recognized an impairment loss on Woodspin, which will negatively impact its results in 2025.

Spinnova Plc, a Finnish company specializing in innovative textile materials, has acquired full ownership of the Woodspin joint venture. The acquisition, completed for a total of EUR 2, grants Spinnova complete control over Woodspin Oy, the exclusive producer and distributor of wood-based SPINNOVA® fibre, as well as Suzano Finland Oy, the raw material provider [1].

The acquisition is part of a strategic review initiated by Spinnova in February 2025. The non-binding agreement proposal, signed in June 2025, was followed by the signing of binding agreements on 10 June 2025. These agreements stipulate that Spinnova will buy all shares of Woodspin Oy and Suzano Finland Oy from Suzano S.A. for EUR 2, with Suzano contributing an additional EUR 5 million to both entities [1].

The acquisition will enable Spinnova to license its technology freely, as the joint venture agreement with Suzano will be terminated. Operations at Woodspin have ceased until further notice while Spinnova explores alternatives for continued operations. Spinnova will retain ownership of the only large demo facility, equipped with the necessary infrastructure and utilities for producing SPINNOVA® fibre from pulp to bale [1].

In the short term, the transactions will not have a negative cash flow impact on Spinnova. However, the company has recognized an impairment loss on Woodspin, which is expected to negatively impact its results in 2025. The impact of this impairment will be detailed in the Half-Year Report for January-June 2025, scheduled for publication on 28 August 2025 [1].

Spinnova has not provided financial guidance for 2025. The acquisition of Woodspin and Suzano Finland marks a significant milestone for Spinnova, positioning the company to further develop and commercialize its innovative textile technology [1].

References:
[1] https://www.tradingview.com/news/reuters.com,2025-08-27:newsml_Wkr2yGjQP:0-binding-agreements-signed-spinnova-buys-all-woodspin-and-suzano-finland-shares-and-secures-exclusivity-rights-on-wood-based-fibre/