BRAZIL (News release) -- On 10 June 2025, Spinnova published a release detailing the results of the strategic review of the Woodspin joint venture and the non-binding agreement proposal agreed with Suzano S.A. Based on the prior agreement, Spinnova Oyj has today signed binding agreements to buy all Woodspin Oy and Suzano Finland Oy shares from Suzano S.A. for a total of EUR 2 (two euros). This grants Spinnova full ownership of the producer and distributor Woodspin, as well as the provider of raw material, Suzano Finland Oy, for manufacturing wood-based SPINNOVA® fibre. These transactions, subject to customary closing terms, are expected to close within the next couple of weeks. Suzano will also make a capital contribution of EUR 5 million in total to Woodspin and Suzano Finland.
The joint venture agreement between Spinnova and Suzano will be terminated, enabling Spinnova to license technology freely. Operations at Woodspin have ceased until further notice while alternatives for continued operations are being looked for.
According to the agreement, Spinnova gets full ownership of the only large demo facility, with the needed infrastructure and utilities in place to produce SPINNOVA® fibre from pulp to bale.
In the short term, transactions will not have a negative cash flow impact on Spinnova. Spinnova has recognised an impairment loss on Woodspin, which will negatively impact Spinnova's results in 2025. The impact of the impairment will be communicated in the Half-Year Report for January-June 2025 to be published on 28 August 2025.
The first communication of an impairment loss took place on 10 June 2025 (full company release is available on Spinnova's website https://spinnovagroup.com/releases/).
Spinnova has not given financial guidance for 2025.
Woodspin Oy, the exclusive producer and distributor of wood-based SPINNOVA® fibre, was a joint venture owned by Spinnova Oyj and Suzano S.A., 50% each. The strategic review of Woodspin commenced in February 2025, and a non-binding term sheet was signed in June 2025 (full company release is available on Spinnova's website https://spinnovagroup.com/releases/).
