Suzano stops financing Woodspin, remains shareholder of Spinnova
Credits: Spinnova Suzano, the Brazilian cellulose producer and sponsor of Spinnova's Woodspin plant that produces wood-based fibres, will not invest further in the next phase of its cooperation with the Finnish textile innovator and will temporarily stop financing the plant. Both companies are starting a strategic review of their joint venture, according to a joint press release. Suzano, which claims to be one of the world's largest cellulose producers, emphasises that the decision stems from changing priorities and not from Spinnova's technology. Suzano remains a shareholder in Spinnova. Meanwhile, Spinnova continues to work on its technological developments and is reviewing its strategy, including joint ventures and financial targets for 2025. Thanks to strategic changes, Spinnova managed to reduce its loss in 2024. The operating loss decreased from 20.9 million euros to 18.3 million euros, while the net loss decreased by 14 percent to 16.8 million euros. However, the annual turnover shrank significantly, from 10.6 million euros to almost 0.8 million euros. Spinnova and Suzano have been partners in Woodspin since 2020. In 2023, they opened their first production facility for Spinnova wood-based fibres in Jyväskylä, Finland. At that time, the plan was for Spinnova to supply the technology, while Suzano would own and operate the plant and produce 20,000 tonnes of fibres annually. This article originally appeared on FashionUnited.NL. It was translated to English using AI. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
Suzano, the Brazilian cellulose producer and sponsor of Spinnova's Woodspin plant that produces wood-based fibres, will not invest further in the next phase of its cooperation with the Finnish textile innovator and will temporarily stop financing the plant. Both companies are starting a strategic review of their joint venture, according to a joint press release.
Suzano, which claims to be one of the world's largest cellulose producers, emphasises that the decision stems from changing priorities and not from Spinnova's technology. Suzano remains a shareholder in Spinnova.
Meanwhile, Spinnova continues to work on its technological developments and is reviewing its strategy, including joint ventures and financial targets for 2025. Thanks to strategic changes, Spinnova managed to reduce its loss in 2024. The operating loss decreased from 20.9 million euros to 18.3 million euros, while the net loss decreased by 14 percent to 16.8 million euros. However, the annual turnover shrank significantly, from 10.6 million euros to almost 0.8 million euros.
Spinnova and Suzano have been partners in Woodspin since 2020. In 2023, they opened their first production facility for Spinnova wood-based fibres in Jyväskylä, Finland. At that time, the plan was for Spinnova to supply the technology, while Suzano would own and operate the plant and produce 20,000 tonnes of fibres annually.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
This article originally appeared on FashionUnited.NL. It was translated to English using AI.
