Search for partners as Spinnova sets up new consortium
Finland-based fibre development company Spinnova has said it is looking for brands to help it build a new international consortium of companies. It aim is to work with the brands to scale up production of and demand for its wood-based fibre.
“We have received confirmation from textile value chain operators that the properties of Spinnova’s fibre are already sufficient for selected commercial applications,” said the fibre company’s chief executive, Janne Poranen.
But he went on to say that fibre production costs “are currently too high” and that, for this reason, Spinnova would spend some time focusing on reducing production costs.
In parallel, it said it had reached agreement to acquire full ownership of the assets that it set up in 2021 with former business partner Suzano. These include a demo factory.
Spinnova has also announced that a review of its business will lead to 10 of its 56 permanent employees leaving the company.
