SPINNOVA PLC, INSIDE INFORMATION, COMPANY RELEASE, 11 APRIL 2025 AT 9.35 UCT+2
Inside Information: Spinnova initiates change negotiations to adjust its organisational structure to the company's current development stage and the changed operating environment
Spinnova plans to adjust its organisational structure to the company's current development stage and the changed operating environment. For this reason, Spinnova is initiating change negotiations.
The scope of the change negotiations covers all Spinnova's employees except the executive management. According to the Company's preliminary estimates, the measures that may be implemented after the change negotiations could lead to changes in teams and roles as well as temporary and permanent layoffs. The estimated reduction is a maximum of 35 people. The company anticipates that the planned changes would bring annual savings of approximately EUR 2,6 million. The exact details regarding the extent and targeting of the potential layoffs will be clarified during the negotiation process. Spinnova employs 56 permanent employees.
The negotiations will begin on 23 April 2025, and are estimated to conclude earliest by 4 June 2025.
According to the current estimate, the outcome would be implemented following the decision-making at the soonest but no later than 31 December 2025.
Spinnova began an assessment of its strategy on 28 February 2025. Spinnova expects the strategic assessment to be completed within the next few months and will update the market, including the financial guidance, when appropriate.
Spinnova Plc
For further information, please contact:
Janne Poranen
CEO, Chair of the Board
Tel. +358 20 703 2430
ir@spinnova.fi
Certified advisor:
Aktia Alexander Corporate Finance Oy
+358 50 520 4098
Distribution:
Nasdaq Helsinki
Key media
Spinnova - The textile material innovation
Spinnova technology transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough patented technology for making textile fibre out of wood pulp or waste, such as leather, textile or agricultural cropping waste, without harmful chemicals or dissolving.
Spinnova technology creates no side streams in the fibre production process, and the SPINNOVA® fibre has minimal CO2 emissions and water use, as well as being biodegradable and recyclable. Spinnova technology uses a mechanical process which gives the fibre the look and feel of a natural cellulosic fibre such as cotton.
Spinnova's shares (SPINN) are listed on the Nasdaq First North Growth Market Finland.
SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com
