The Finnish material innovation Spinnova has made an agreement on the purchase of all shares of the distributor Woodspin Oy and the raw material supplier Suzano Finland Oy for a total price of two euros per share.
With the agreement, the two companies from the Brazilian company Suzano SA pass into the possession of Spinnova. Spinnova will also pay a capital contribution of five million euros as part of the agreement. In addition, Spinnova will take over a large demonstration system in which its fibers are produced.
This ends the joint venture founded between Spinnova and Suzano. Spinnova now receives the freedom to licens the associated technology. Woodspin’s operation is discontinued until further notice, while the company is looking for alternative opportunities for continuation.
Spinnova expects the transactions to not have a negative impact on the cash flow at short notice. However, the company has booked a loss of reduction in Woodspin, which will influence the results in 2025. Spinnova had not published a financial forecast for the current year.
Woodspin, which acted as a producer and distributor of Spinnova fibers, was founded as a joint venture from Spinnova and Suzano, with both companies involved in equal parts. In February, the two partners initiated a strategic review of Woodspin after Suzano announced that they did not invest in the next phase of cooperation. As a reason, changed priorities and a new capital allocation strategy were mentioned.
This article was used with digital tools translated.
Fashionunited uses artificial intelligence to accelerate the translation of articles and improve the end result. They help us make the international reporting of fashionunited a German -speaking readership quickly and comprehensively accessible. Articles that have been translated using AI-based tools are read and carefully edited by our editor: Correcting inside before they are published. If you have any questions or comments, please contact me by email to [email protected]