JYVÄSKYLÄ -Troubled textile innovator Spinnova has reiterated its stance that technology sales are the main driver for growth in the immediate future, effectively ruling out any near-term investments in increasing its own fibre production.
Writing in the Finnish firm’s 2023 annual report, Janne Poranen, chair of the board and co-founder of the company, said technology sales were now seen as “the most valuable driver for rapid cash generation”. “The company’s strategy is now clearer,” he said. “We focus on what we do best. Adopting fibre innovations in the textile sector at scale is yet to come. Adversity is difficult to avoid when trying to change an established industry.”
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