Spinnova Plc, a Finnish textile material innovation company, has successfully completed the acquisition of Woodspin Oy and Suzano Finland Oy from Suzano S.A., securing full ownership of both entities. The transaction, finalized on October 3, 2025, was initially announced on August 27, 2025, and was subject to customary closing conditions, all of which have now been fulfilled.
Under the terms of the agreement, Spinnova acquired all shares of Woodspin and Suzano Finland for a nominal total of €2. Additionally, Suzano committed to a capital contribution of €5 million to the acquired companies. This strategic move effectively terminates the joint venture between Spinnova and Suzano, granting Spinnova the freedom to license its proprietary technology independently.
Woodspin, the exclusive producer and distributor of SPINNOVA® fibre, is equipped with a large-scale demo facility capable of producing fibre from pulp to bale. However, operations at Woodspin have been suspended until further notice as Spinnova explores alternative avenues for continued operations.
With this acquisition, Spinnova now holds full control over its wood-based fibre production and distribution, positioning the company to further advance its sustainable textile innovations. Woodspin and Suzano Finland will be included in Spinnova’s consolidated financial reporting as of October 3, 2025.
