Spinnova shutters Woodspin, eyes new consortium

Troubled Scandinavian textile fibre innovator Spinnova says it will temporarily close its Woodspin manufacturing facility as looks to build an international consortium of companies to advance the scaling of its next-generation material.

Confirmation of the closure comes as Spinnova also announced that it has struck a deal to acquire all of the shares in Woodspin, its joint venture with pulp giant Suzano, for a consideration of €1.