Suzano and Spinnova said they are to begin a strategic review of Woodspin and will renegotiate the exclusivity rights.
Their relationship dates back to 2020 when they became joint venture partners in Woodspin. The first production facility of Woodspin, located in Jyväskylä, Finland, commenced operations in 2023, serving as an industrial demonstration of Spinnova’s technology and Suzano’s textile MFC technology.
Suzano said this business decision is based on its newly defined priorities and capital allocation strategy and is not related to Suzano's confidence in the technology that prompted the initial investment. Suzano will continue to be a shareholder in Spinnova.
Spinnova continues to see significant interest from other parties in its fibre and technology. Therefore, the review will also assess the terms for the termination of the exclusivity rights that are part of the joint venture agreement. Spinnova continues to implement its own technology roadmap, including its own MFC concept.
Concurrently with the review of Woodspin, Spinnova will begin an assessment of its strategy including all its joint ventures and will plan future actions. The company will review its strategic targets and the financial guidance for 2025. Spinnova expects the strategic assessment to be completed within the next few months and will update the market when appropriate.
