Inside Information: Spinnova’s joint venture Woodspin to initiate change negotiations
SPINNOVA PLC, INSIDE INFORMATION, COMPANY RELEASE, 2 APRIL 2025 AT 09.00 UCT+2
Inside Information: Spinnova’s joint venture Woodspin to initiate change negotiations
Woodspin Oy, the exclusive producer and distributor of wood based SPINNOVA® fibre, is a joint venture that is owned by Spinnova Oyj and Suzano Plc, 50% each. The change negotiations are related to the strategic review of Woodspin commenced in February 2025.
Following the strategic review of its business, Woodspin will assess conditions for continuing its operations and alternatively for closing them down. Woodspin’s operations have a heavy cost structure and are unprofitable. Turning the operations profitable is likely to require significant investments, and securing sufficient financing is uncertain. In 2024 Woodspin's loss was EUR 6.7 million of which Spinnova's share of loss was EUR 3.4 million. As of 31 December 2024, the book value of Woodspin on Spinnova's balance sheet was EUR 19.4 million.
The scope of the change negotiations covers the entire staff working at Woodspin, a total of 33 employees, and all may be subject to the contemplated measures, including possible redundancies of all employees.
Decisions on the personnel impact of Woodspin will be made after the change negotiations have been concluded. The estimated duration of the change negotiations is at least six weeks.
According to the current estimate, the outcome would be implemented as soon as possible following the decision-making, and no later than 31 December 2025.
Spinnova began an assessment of its strategy on 28 February 2025, including all its joint ventures and is planning future actions. Spinnova expects the strategic assessment to be completed within the next few months and will update the market, including on the financial guidance, when appropriate.
Spinnova Plc
For further information, please contact:
Janne Poranen
CEO, Chair of the Board
Tel. +358 20 703 2430
ir@spinnova.fi
Certified advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098
Distribution:
Nasdaq Helsinki
Key media
Spinnova – The textile material innovation
Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre out of wood pulp or waste, such as leather, textile or agricultural cropping waste, without harmful chemicals or dissolving.
Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA® fibre has minimal CO2 emissions and water use, as well as being biodegradable and recyclable. Spinnova technology uses a mechanical process which gives the fibre the look and feel of a natural cellulosic fibre such as cotton.
Spinnova’s shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com