Spinnova is to buy all Woodspin and Suzano Finland shares from Brazil’s Suzano SA for a nominal two euros.

This makes Spinnova the sole producer and distributor of product from the Woodspin plant, as well as ownership of the raw material supplied from Suzano Finland 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 €5 million to Woodspin and Suzano Finland. 

The joint venture agreement between Spinnova and Suzano will be terminated, enabling Spinnova to license its technology freely. Operations at Woodspin have ceased until further notice as alternatives for continued operations are being looked for.

According to the agreement, Spinnova will take full ownership of the Woodspin demo facility in Jyväskylä, Finland, which has the necessary infrastructure and utilities in place to produce Spinnova fibre from pulp to bale.

Woodspin’s revenue for the first six months of 2025 was €100,000, compared to €362,000 for the same period of 2024.

www.spinnovagroup.com