Inside information: Spinnova to start change negotiations

SPINNOVA PLC, COMPANY RELEASE, INSIDE INFORMATION, 14 March 2024 at 8:07 a.m. EET

Inside information: Spinnova to start change negotiations

 

In accordance with the Act on Cooperation, Spinnova starts change negotiations affecting the whole organization except the executive management on 14 March 2024. In the change negotiations, the Company plans to change its organizational structure to support the effective execution of its updated strategy and to reduce its fixed costs in order to achieve its profitability targets.

 

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 targeted annual savings are up to 1.4 million euros in personnel expenses excluding share-based compensation. The estimated number of permanent reductions is a maximum of 16 positions, and the estimated number of role changes is a maximum of five positions. The exact details regarding the extent and targeting of the potential layoffs will be clarified during the negotiation process.

 

Spinnova employs approximately 76 permanent employees in Finland. The negotiations last 4 weeks until 11 April 2024 in accordance with the Act on Cooperation.

Spinnova Plc

For further information, please contact:
Tuomas Oijala, CEO
Tel. +358 20 703 2430
[email protected]

Certified advisor:
Aktia Alexander Corporate Finance Oy
Tel. +358 50 520 4098

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