Fibria acquires 18% of Spinnova
By P&PC Staff
By P&PC Staff
Aug. 2, 2017 – Fibria, a Brazilian forestry company and producer of eucalyptus pulp from planted forests, has signed an agreement to acquire a minority interest in Finnish-based Spinnova and partner in the development, production and marketing of new materials using its technologies.
Spinnova is a startup that develops “low-cost and environmentally sustainable technologies” for making fabrics. The technologies uses wood fibres to produce filaments and yarns that can replace cotton, viscose and other raw materials in both woven and nonwoven applications.
Fibria will pay 5 million euros for 18 per cent of Spinnova’s capital. Under the shareholders’ agreement, Fibria will have the right to appoint one member to Spinnova’s board of directors.
“The partnership strengthens Fibria’s positioning for the development of new high-value products that go beyond the commodity concept and complement our global leadership in eucalyptus pulp production. The acquisition of an interest in Spinnova strengthens our portfolio of investments in companies with the capacity to offer solutions for problems related to climate change and the low-carbon economy,” said Fibria CEO, Marcelo Castelli.
“The new partnership with Fibria will help Spinnova grow our business faster and significantly enhance our global competitiveness,” added Janne Poranen, Spinnova CEO and founder. “We value highly this win-win partnership with a lot of strategic level synergies and a shared vision. We have been impressed with Fibria’s ability to work with a small technology company when actively looking for new business opportunities.”
The agreement signed between the Brazilian forestry company and the Finnish startup 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. If the project reaches the commercial phase, the two companies could create a joint venture for producing and marketing products.
“The partnership strengthens our competitive innovation DNA and puts us at the technological forefront in the production of wood-based textile fibers,” said Fibria technology and innovation director Fernando Bertolucci.