Beskrivning
| Land | Finland |
|---|---|
| Lista | First North Finland |
| Sektor | Energi & Miljö |
| Industri | Miljö & Återvinning |
SPINNOVA PLC, COMPANY RELEASE, INSIDE INFORMATION, 10 JUNE 2025 AT 10.45 A.M. UCT+2
Correction: Inside Information: Following the strategic review of Woodspin Spinnova has signed a non-binding term sheet to secure full ownership of Woodspin demo plant
Correction to the table Suzano Finland Oy
Woodspin Oy, the exclusive producer and distributor of wood-based SPINNOVA® fibre, is a joint venture that is owned by Spinnova Oyj and Suzano S.A., 50% each. The strategic review of Woodspin commenced in February 2025 and the related change negotiations in April.
Following the strategic review, Spinnova Oyj and Suzano S.A. have signed a non-binding term sheet on the following matters:
- Spinnova Oyj would acquire all Woodspin Oy shares held by Suzano S.A. for a consideration of EUR 1 (one euro). Both Spinnova and Suzano will continue to fund Woodspin for the financial year 2025, as agreed and committed in February 2025. In 2024, the book value of Spinnova's share of Woodspin, on Spinnova's balance sheet, totalled EUR 19.4 million as of 31 December 2024.
(Detailed information on pages 53-55, https://spinnovagroup.com/wp-content/uploads/2025/02/Spinnova_Governance_Remuneration_Financial-Statements_2024.pdf.)
- Spinnova Oyj would acquire all Suzano Finland Oy shares held by Suzano S.A. for a consideration of EUR 1 (one euro). This would include all assets in Suzano Finland, which consist mainly of equipment for refining and microfibrillated cellulose ("MFC") technology. Most of Suzano Finland Oy's employees, in total 18, would be part of the acquisition. Suzano Finland Oy is currently fully owned by Suzano S.A.
Suzano Finland provides raw material for manufacturing of wood-based SPINNOVA® fibre and is operating in the same facility in Eteläportti, Jyväskylä as Woodspin.
Suzano Finland Oy
| tEUR | 2023 |
| Turnover | 61.3 |
| Result | -4 602.5 |
| Total fixed assets | 17 316 |
| Total assets | 19 653 |
| Total equity | 18 997 |
| Total short term liability (no long term) | 656 |
- Spinnova Oyj and Suzano S.A. would terminate the joint venture agreement and all related exclusivity rights, which would enable Spinnova to license the technology to any chosen party producing fibre out of wood-based raw material.
In addition, Suzano would make a capital contribution of EUR 5 million in total to Woodspin and Suzano Finland.
In the short term, the planned transactions would not have an operative impact on Spinnova.
As a result of the agreement, Spinnova would get full ownership of the only large demo facility, with the needed infrastructure and utilities in place to produce SPINNOVA® fibre from pulp to bale. The acquisitions would not have a negative cash flow effect in the short term on Spinnova.
All transactions, the acquisitions of the shares of Woodspin and Suzano Finland, as well as the termination of the related exclusive rights, are subject to the execution of definitive agreements that are estimated to be concluded no later than by the end of August 2025.
Result of change negotiations at Woodspin
The change negotiations in Woodspin covering the entire staff (33 employees), were completed on 26 May 2025 and communicated to the employees today. As a result, most of the staff, 27 employees, will be temporarily laid off until further notice. While Spinnova is looking for alternatives to continue the operations at Woodspin, the operations will be stopped until further notice.
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