Spinnova Acquires Full Stake in Woodspin and Suzano for Two Euros

Spinnova strengthens positions in its own business. The Finnish textile fiber manufacturer has bought all the shares of its partner, Suzano, and their joint venture, Woodspin, for two euros in total, gaining full ownership of both companies.

As a result, the joint venture agreement between Spinnova and Suzano will be terminated, allowing the Finnish company to license the technology contributed by Suzano freely. Woodspin will cease operations until further notice, while Spinnova seeks alternatives for its continuity.

Suzano will also make an equity contribution of €5 million in total to Woodspin and Suzano Finland. The transaction is expected to close in the coming weeks.

Last April, Spinnova communicated its intention to cease Woodspin’s operations, due to the high cost structure and the willingness of Suzano, its main partner, to abandon the joint project.

Spinnova suffers a negative impact of $18.4 million in the first half 2025 result due to Woodspin

Spinnova will not suffer a negative impact on its liquidity from this transaction, at least in the short term, although it has recognized an impairment loss on Woodspin, which has resulted in a negative $18.4 million hit to the company’s 1H2025 result.

The fiber manufacturer closed 2024 with a slump in sales, ending the period with a turnover of €762,000, down 92.8% from Spinnova’s €10.6 million turnover in the previous year.

Spinnova has been immersed in a restructuring process since February, motivated by the losses it has accumulated in recent years. As a result, last April it announced a workforce reduction that affected 35 of the company’s 56 employees, which would allow savings of 2.6 million euros, without affecting the management team.