The deal will provide full ownership of Woodspin and Suzano Finland to Spinnova and the JV between the two will be terminated.
Woodspin operated as a joint venture with equal ownership between Spinnova and Suzano, a Brazilian manufacturer of wood-based products such as pulp and paper. It is the sole producer and distributor of Spinnova fibre derived from wood.
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The strategic evaluation of Woodspin, initiated in February 2025, led to this decision, following a non-binding proposal from June of the same year.
Suzano Finland’s assets, primarily consisting of refining equipment and MFC technology, are part of this transaction. Additionally, 18 employees from Suzano Finland will join Spinnova as part of the deal.
The deal is subject to customary closing conditions and is expected to complete within the coming weeks.
Consequently, Spinnova will have the capacity to license its technology without restrictions following the termination of the joint venture agreement with Suzano.
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By GlobalDataSuzano has committed to a capital contribution of €5m ($5.8m) in total to both Woodspin and Suzano Finland.
Earlier in the year, the company resolved not to allocate further investment towards Spinnova’s Woodspin fibre plant and suspended financial contributions pending a review of their collaborative venture.
Meanwhile, operations at Woodspin are on hold as alternatives for resuming activities are explored, stated Spinnova.
The agreement also ensures that Spinnova secures ownership of a significant demo facility equipped to produce Spinnova fibre from pulp to bale.
Financially, these transactions are not anticipated to negatively affect Spinnova’s cash flow in the short term.
However, an impairment loss €18.433m on Spinnova’s share of Woodspin has been recognised and will impact Spinnova’s financial results for 2025.
Currently, Spinnova has refrained from providing financial guidance for 2025 and 2026.
