Brazilian forestry firm pays €5 million for 18% - sportstextiles: Lea SportsTextiles

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Brazilian forestry firm pays €5 million for 18% of Spinnova

07/07/2017
Finnish start-up bio-yarn producer Spinnova has entered into a new, long-term partnership with Fibria, a Brazilian forestry company and producer of eucalyptus pulp from planted forests.

Spinnova launched in the university city of Jyväskylä in central Finland in 2015. Using a technique originally developed by the Nordic country’s VTT technical research centre, it has established a method of turning wood fibres into yarn “without complex chemical processes”.

As part of this deal, Fibria has become a shareholder in Spinnova, paying €5 million for an 18% stake, and will take a place on the board. The agreement also features a joint investment in the development of a pilot production line for testing the feasibility of Spinnova’s technologies and production on a pre-commercial scale.

On announcing the development on July 7, the Finnish company’s chief executive, Janne Poranen, said the new partnership will help Spinnova grow its business faster and enhance its global competitiveness.



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