Spinnova's joint venture Woodspin begins change negotiations – considering ceasing operations

Wood-based Spinnova fiber Manufacturer Woodspin is launching change negotiations that affect the company's entire staff.

Woodspin Oy is a joint venture owned equally by Spinnova from Jyväskylä and the Brazilian pulp giant Suzano.

The change negotiations are related to Woodspin's strategic review, which began in February 2025.

As a result of the strategic review, Woodspin will assess the conditions for continuing operations and will alternatively consider closing its operations, Spinnova informs.

Loss-making operations

According to Spinnova's press release, Woodspin's operations have a heavy cost structure and are loss-making.

Making the operation profitable would likely require significant investments, and obtaining sufficient financing is uncertain.

In 2024, Woodspin made a loss of EUR 6,7 million, of which Spinnova's share was EUR 3,4 million. Woodspin's book value in Spinnova's balance sheet at the end of the year was EUR 19,4 million.

Decisions on potential personnel impacts will be made after the change negotiations have concluded. The negotiations are expected to last at least six weeks.

To be implemented during the current year

The outcome of the negotiations will be implemented as soon as possible after the decision is made, but no later than 31.12.2025 December XNUMX.

Spinnova, founded by VTT, produces textile fiber directly from wood and various side streams using its own method, which does not use harmful chemicals and does not generate waste.

The company's first commercial production plant started up in Jyväskylä in the spring of 2023. Many international clothing manufacturers have already utilized Spinnova fiber in their products.

Text: Päivi Ikonen/ Kemiamedia.fi

Photo: Spinnova. Woodspin's fiber mill has only been operating in Jyväskylä for a couple of years.