Spinnova’s change negotiations ended

SPINNOVA PLC, PRESS RELEASE, 24 April 2024 at 3:30 p.m. EEST

Spinnova’s change negotiations ended   

Spinnova announced on 14 March 2024 the start of change negotiations in accordance with the Act on Cooperation. The aim was to change the organizational structure to support the effective execution of the Company’s updated strategy and to reduce fixed costs in order to achieve profitability targets.

At the beginning of the negotiations, the Company estimated that the number of permanent reductions would be a maximum of 16 positions, and the number of role changes would be a maximum of 5 positions.

The negotiations have now ended, and as a result, 8 positions will be permanently reduced, and the Company expects to reach its savings targets. Changes in roles and tasks, retirements, and replacing external work with in-house resources affected the final amount of reductions.

Spinnova Plc

For further information, please contact:
Tuomas Oijala, CEO
Tel. +358 20 703 2430
ir@spinnova.fi

Distribution:
Nasdaq Helsinki
Key media

SPINNOVA – Sustainable textile materials, naturally

Spinnova transforms the way textiles are manufactured globally. Based in Finland, Spinnova has developed breakthrough technology for making textile fibre out of wood or waste, such as leather, textile or agricultural waste, without harmful chemicals.

The patented SPINNOVA® fibre creates zero waste and side streams or microplastics, and its CO2 emissions and water use are minimal. SPINNOVA® materials are quickly biodegradable and circular. Spinnova is committed to using only sustainable raw materials such as FSC certified wood and waste. SPINNOVA® fibre is produced without harmful or complex chemical processes, and has the touch and feel of natural fibres such as cotton and linen.

Spinnova has received awards from e.g. the Fast Company, ISPO, Scandinavian Outdoor, ANDAM, Monocle and Marie Claire UK.

Spinnova’s shares (SPINN) are listed on the Nasdaq Helsinki First North Growth Market.

SPINNOVA® home: www.spinnova.com
Corporate & IR site: www.spinnovagroup.com