Finnish material innovation company Spinnova has executed binding agreements to purchase all shares of Woodspin and Suzano Finland for a total of €2, equivalent to approximately $2.32. This transaction marks a definitive change in the ownership structure of the wood-based fiber initiatives.
As part of the agreement, Spinnova has also secured exclusive rights on wood-based fiber technology. This move allows Spinnova to consolidate its position and control over the development and scaling of its fiber innovations.
The completion of these binding agreements formally terminates the joint venture between Suzano and Spinnova. This follows earlier announcements regarding Suzano's decision to halt further investment and a strategic review of the partnership.
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