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Fibria to acquire 18% stake in Spinnova

07 Jul 2017 − 

Fibria forges new paths. The company plans to acquire a minority stake in Spinnova, a supplier of technologies for the production of textile fibres.

Pulp producer Fibria has signed an agreement to acquire an 18% stake in Finnish company Spinnova. Spinnova is a start-up that develops technologies for making fabrics. The technology uses wood fibres to produce filaments and yarns that can replace cotton, viscose and other raw materials in both woven and nonwoven applications.

According to the two companies, the agreement includes a joint investment in the development of a pilot production line for testing the feasibility of Spinnova's technologies and production. If the project reaches the commercial phase, the two companies could create a joint venture for producing and trading Spinnova products, they say.

The transaction price was put at €5m. The agreement gives Fibria the right to appoint one member to Spinnova's board of directors.

"The acquisition of the interest paves the way for positioning ourselves in an innovative and sustainable technology for making textiles," said Vinicius Nonino, Fibria's Strategy and New Business Director.

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