SPINNOVA PLC, COMPANY RELEASE, 27 AUGUST 2025 AT 9.30 A.M. UCT+2
Release category: Other information disclosed according to the rules of the Exchange
Binding agreements signed: Spinnova buys all Woodspin and Suzano Finland shares, and secures exclusivity rights on wood-based fibre
On 10 June 2025, Spinnova published a release detailing the results of the strategic review of the Woodspin joint venture and the non-binding agreement proposal agreed with Suzano S.A. Based on the prior agreement, Spinnova Oyj has today signed binding agreements to buy all Woodspin Oy and Suzano Finland Oy shares from Suzano S.A. for a total of EUR 2 (two euros). This grants Spinnova full ownership of the producer and distributor Woodspin, as well as the provider of raw material, Suzano Finland Oy, 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 EUR 5 million in total to Woodspin and Suzano Finland.
The joint venture agreement between Spinnova and Suzano will be terminated, enabling Spinnova to license technology freely. Operations at Woodspin have ceased until further notice while alternatives for continued operations are being looked for.
According to the agreement, Spinnova gets full ownership of the only large demo facility, with the needed infrastructure and utilities in place to produce SPINNOVA® fibre from pulp to bale.
In the short term, transactions will not have a negative cash flow impact on Spinnova. Spinnova has recognised an impairment loss on Woodspin, which will negatively impact Spinnova's results in 2025. The impact of the impairment will be communicated in the Half-Year Report for January-June 2025 to be published on 28 August 2025.
The first communication of an impairment loss took place on 10 June 2025 (full company release is available on Spinnova's website https://spinnovagroup.com/releases/).
Spinnova has not given financial guidance for 2025.
Woodspin Oy, the exclusive producer and distributor of wood-based SPINNOVA® fibre, was a joint venture owned by Spinnova Oyj and Suzano S.A., 50% each. The strategic review of Woodspin commenced in February 2025, and a non-binding term sheet was signed in June 2025 (full company release is available on Spinnova's website https://spinnovagroup.com/releases/).
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
