Suzano, the Brazilian pulp producer and investor of the Woodspin factory, which produces wood-based fibers, will initially not invest in the next phase of cooperation with the Finnish textile technology company Spinnova and temporarily suspend the financing of the production facility. Both companies have initiated a strategic review of Woodspin and negotiate the exclusive rights, as can be seen from a joint press release on Friday.
Suzano, which describes itself as one of the world’s largest pulp producers, emphasizes that the decision is based on changed priorities and an adapted capital allocation strategy – not on the technology of Spinnova. Suzano remains the shareholder of Spinnova.
Meanwhile, Spinnova continues to work on the further development of her technology and checks her strategy, including joint ventures and financial objectives for 2025.
SPINNOVA was able to reduce his losses in 2024 through strategic adjustments. The operational loss dropped from 20.9 million euros to 18.3 million euros, while the net loss decreased by 14 percent to 16.8 million euros. However, annual sales decreased significantly – from EUR 10.6 million to just under 0.8 million euros.
Spinnova and Suzano have been partners at Woodspin since 2020. In 2023 they opened their first production facility for Spinnova wood fibers in Jyväskylä, Finland. It was originally planned that Spinnova will deliver the technology, while Suzano owns and operates the factory in order to produce 20,000 tons of fibers annually.
Woodspin’s strategic review is to be completed in the coming months. In the course of this, the exclusivity of the fibers is also re -evaluated – especially against the background of the great interest of other companies in spinovas fibers and technology.
This article previously appeared on Fashionunited.nl and 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]