In light of recent turmoil, the Finnish textile technology company Spinnova Plc has appointed a familiar face as its new CEO. Founder Janne Poranen will return to leading operations with immediate effect, the company, which specialises in sustainable fibre production processes, announced on Thursday. Due to the current "extraordinary...
21 Mar 2025
Spinnova is going back to the drawing board to rethink its strategy after Suzano decided not to invest in the next phase of their partnership. The Brazilian wood pulp giant said this decision was based on a realignment of priorities and capital allocation, rather than a lack of confidence in Spinnova technology, according to its annual report....
14 Mar 2025
Tuomas Oijala, CEO of Spinnova Plc, will step down from his position, with his last day of employment no later than September 12, 2025. Spinnova announced this in a press release. Oijala will remain in his role during his six-month notice period, focusing on continuing the current strategy and ensuring a smooth transition. Oijala joined Spinnova...
13 Mar 2025
Suzano, the Brazilian cellulose producer and investor 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 Woodspin and will renegotiate the...
28 Feb 2025
Finnish textile technology company Spinnova Plc significantly reduced its losses in fiscal year 2024. The company, which specializes in sustainable fiber production processes, benefited from a strategic shift in its business model and comprehensive cost-cutting measures. According to the annual report published on Thursday, the operating loss,...
13 Feb 2025
Sports brand Puma and textile innovator Spinnova have entered into a partnership. It is a multi-year collaboration in which Puma promises to purchase materials from Spinnova. This enables Spinnova to keep the production of the materials stable. Puma will purchase Spinnova's wood fiber material and use it in future collections. This mainly...
11 Dec 2024
Finnish textile innovator Spinnova has been granted an R&D loan by Business Finland to help develop and scale its technology and product, while lowering capital expenditure. The loan itself amounts to 12.7 million euros, and will be divided into two phases over the course of three and a half years. The first phase, for which 7.7 million euros...
30 Oct 2024
Spinnova’s revenue for the first half year declined to 362 thousand euros, while operating result was negative 9906 thousand euros. As a part of its cost restructuring program, the company made changes to its management team. Commenting on the restructuring plan to improve profitability, Spinnova CEO Tuomas Oijala said in a statement: As part of...
22 Aug 2024
Woodspin, the exclusive producer and distributor of wood-based Spinnova biodegradable fibre, has been awarded the Forest Stewardship Council (FSC) Chain of Custody certification, offering full supply chain transparency. The FSC certification means the wood used in Woodspin’s manufacturing can be fully traced back from its origin to the final...
13 May 2024
Spinnova’s 2023 revenue declined to 10,640 thousand euros and operating result for the period was negative 20, 926 thousand euros. For the second half, revenue declined to 1, 820 thousand euros and operating result was negative 9, 931 thousand euros. As part of the new strategy, Spinnova will focus on technology sales and delivering the...
14 Mar 2024
Spinnova Plc and Suzano S.A. have signed a Letter of Intent (LOI) with the goal to develop wood-based Spinnova fibres. For this, the companies may need a new production facility, according to a press release seen by FashionUnited. Spinnova and Suzano have been joint venture partners in Woodspin since 2020. The first production facility for...
7 Mar 2024
Sustainable textile material company Spinnova emphasises that the run up to COP28 is no time to back down on climate action in the global fashion and textile industries. The fashion and apparel industry is one of the most polluting industries in the world, accounting for 4% of global emissions and known for various sustainability challenges from...
13 Dec 2023