Fibria to acquire minority stake in Finnish start-up Spinnova
(Helsinki, Finland, July 10, 2017) Fibria acquires a minority interest in Spinnova Oy, a private company organized in Finland.
Spinnova is a Finnish start-up focused on the development of low-cost and environmentally sustainable technologies for the production of raw materials for the textile industry. These technologies use wood fibers for the production of fibrous yarns and staple fibers that can replace cotton, viscose and/or other consumption materials in textiles and non-woven applications.
Fibria agreed to subscribe and pay in a number of common shares equivalent to 18% of the total capital of Spinnova for a total amount of Euro 5 million.
The minimum conditions for the JDA include the joint investment of Fibria and Spinnova in the development of a pilot production line to confirm the viability of technologies developed by Spinnova and pre-commercial scale production. The Parties provide for the establishment of a JV for the production and trading of the product, if the product reaches the commercial stage. (Source: press release)