On 27 August 2025, Spinnova Plc announced that it had signed binding agreements to acquire all shares of Woodspin Oy and Suzano Finland Oy from Suzano S.A. and take full ownership of the businesses. The transaction was subject to certain customary closing conditions which have now been fulfilled. The transaction was completed on 3 October 2025.
Woodspin and Suzano Finland will be included in reporting as a part of Spinnova Group as of 3 October 2025.
Spinnova is paying a token €2 for the Brazilian wood pulp giant's shares in the Woodspin planned production plant which is currently mothballed.
The Finnish company recently announced plans to focus on licensing its technology - instead of producing its next generation fibre itself - earlier this year after Suzano halted investment plans in the joint venture.
The completed grants Spinnova full ownership of Woodspin, as well as Suzano Finland Oy, the company set up for manufacturing the wood-based fibre.
Under the terms of the deal, Suzano will also make a capital contribution of €5 million ($5.8m)in total to Woodspin and Suzano Finland.
The joint venture agreement will be terminated, enabling Spinnova to license technology freely.
As a result of the agreement, Spinnova will also get full ownership of the only large demo facility, which contains the infrastructure and utilities to produce Spinnova fibre from pulp to bale.
