Spinnova Gains Full Control Of Woodspin and Suzano, Secures Fibre Rights
Spinnova Plc has signed binding agreements with Suzano S.A. to acquire all shares in Woodspin Oy and Suzano Finland Oy, gaining full ownership of the entities responsible for producing and supplying raw materials for its proprietary wood-based Spinnova fibre.
The deal, signed today and expected to close in the coming weeks subject to standard conditions, was concluded for a symbolic consideration of EUR 2. As part of the agreement, Suzano will also make a EUR 5 million capital contribution to Woodspin and Suzano Finland.
The transaction marks the termination of the joint venture agreement between Spinnova and Suzano, giving Spinnova the freedom to license its fibre technology independently. Woodspin’s operations, however, remain suspended, while options for restarting production are being evaluated.
With the acquisition, Spinnova also gains ownership of the only large-scale demo facility equipped to produce Spinnova fibre from pulp to bale, securing critical infrastructure for future development.
While the transactions will not negatively impact cash flow in the short term, Spinnova has recognised an impairment loss on Woodspin, which will weigh on its 2025 results. The company will provide further details in its half-year report for January–June 2025, scheduled for release on Aug 28.
Woodspin, previously a 50-50 joint venture between Spinnova and Suzano, was established to commercialise sustainable wood-based fibres. The strategic review of the venture began in February 2025, followed by a non-binding term sheet in June.
