Spinnova buys out Suzano, takes ownership of Woodspin

Finnish material innovation firm Spinnova has entered an agreement to buy all the shares of distributor Woodspin Oy and raw materials provider Suzano Finland Oy for a total of two euros per share.

The agreement will transfer ownership of the two companies from Brazilian company Suzano S.A. to Spinnova, which will also make a capital contribution of five million euros as part of the deal. Spinnova will further own a large demo facility that produces its fibre.

With this, the joint venture established between Spinnova and Suzano will now be terminated. As such, Spinnova will have the freedom to license associated technology. Woodspin’s operations will be ceased until further notice while the firm looks for alternative means of continuation.

Spinnova said that it expects the transactions to not have a negative cash flow impact in the short term, yet it has recognised an impairment loss of Woodspin which will impact its 2025 results. The company had not issued financial guidance for the current year.

Woodspin, which served as the producer and distributor of Spinnova fibre, was established through a joint venture between Spinnova and Suzano, each holding an equal share in the firm. In February, the duo launched a strategic review for Woodspin after Suzano announced it was not planning to invest in the next phase of the collaboration, citing changing priorities and a capital allocation strategy as the cause.