A strategic review, asset write-down and major ownership adjustment have led the Finnish textile innovator to reshape its business model.
Finland-based sustainable materials company Spinnova has announced a major strategic shift that includes acquiring full ownership of its joint venture Woodspin from Brazilian partner Suzano for €1. The company has also confirmed a significant write-down of Woodspin-related assets and concluded change negotiations that will affect 19 employees.
The move follows a comprehensive strategic review of Woodspin, leading Spinnova to prioritize its own technology licensing and application development over industrial-scale fiber production. As part of the realignment, Spinnova plans to secure ownership of the Woodspin demo plant in Jyväskylä through a non-binding term sheet. The arrangement allows Spinnova to continue testing and advancing its technology platform while maintaining R&D capacity.
“Spinnova’s revised strategy focuses on strengthening our core technology and expanding our application ecosystem with partners,” said CEO Tuomas Oijala, adding that the planned transaction and write-down align operations with this updated direction.
The full version of this article was originally published by our sister publication The Outdoor Industry Compass.
