Woodspin is a 50/50 joint venture owned by Spinnova and Suzano that started in 2020.
Sept. 2, 2025 - Spinnova on Aug. 27 signed binding agreements to buy all Woodspin Oy and Suzano Finland Oy shares from Suzano 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.
Woodspin is a 50/50 joint venture owned by Spinnova and Suzano that started in 2020. The first (and only) production facility producing wood-based SPINNOVA fibre opened in 2023 in Jyväskylä, Finland. The facility acts as an industrial demonstration of Spinnova's technology and Suzano's textile MFC technology and is used for qualifying the process and fibre output to support the investment decision for the new facility.
In February of this year, Suzano informed Spinova that it would not be investing in the next steps of the collaboration with Spinnova, which called for Suzano to make an investment in the production facility in the near future. Suzano said that the decision is based on its newly defined priorities and capital allocation strategy and is not related to its confidence in the technology that prompted the initial investment.
As a result of the termination of the joint venture, operations at Woodspin have ceased until further notice while alternatives for continued operations are being looked for.
Spinnova noted that the transactions are subject to customary closing terms and are expected to close within the next couple of weeks. In addition, Suzano will also make a capital contribution of EUR 5 million in total to Woodspin and Suzano Finland.
SOURCE: Spinnova