Spinnova eyes Spain for acquisition-led growth

Spinnova is considering Spain for growth through acquisitions, with its commercial director highlighting the country’s potential for textile recycling and sustainable manufacturing.

Mikko Lassila, chief commercial officer, told Modaes that Spain is a “very interesting place from a raw material perspective”, particularly for cotton textile recycling. He said the company had contacted several Spanish textile businesses and executives.

“Even though our focus for now is on Portuguese spinning, Spain will remain a very interesting option for us,” Lassila said, in comments translated from Spanish.

He identified northern Spain and its local players as offering the greatest potential. However, completing Spinnova’s proposed acquisition of Portuguese spinner Tearfil remains its near-term priority.

“We are now a little less than halfway to completing the acquisition and it is our priority,” Lassila said.

Spinnova has signed a non-binding letter of intent to buy Tearfil for €500,000 ($580,000) in cash and shares, alongside a €1.5 million ($1.7m) loan.