Textile World Breaking News New Plant & Equipment, M&A TPA JYVÄSKYLÄ, Finland — September 17, 2026 — Spinnova Plc (“Spinnova” or the “company”), a materials technology company producing textile fibre from wood pulp and waste streams, has si
Textile World Breaking News New Plant & Equipment, M&A TPA JYVÄSKYLÄ, Finland — September 17, 2026 — Spinnova Plc (“Spinnova” or the “company”), a materials technology company producing textile fibre from wood pulp and waste streams, has signed a non-binding letter of intent with Tearfil – Indústria Têxtil, S.A. (“Tearfil”) and its shareholders concerning a potential acquisition by Spinnova of all shares in Tearfil. Tearfil is a Portuguese yarn spinning company and a key development partner in Spinnova’s ecosystem. The contemplated transaction would strengthen Spinnova’s position in the textile value chain by securing dedicated yarn development and spinning capabilities for SPINNOVA® fibre. The potential acquisition is intended to shorten development cycles, provide greater control over the conversion of SPINNOVA® fibre into customer-ready yarns and textile applications, and accelerate commercialisation with brand and supply chain partners. “Tearfil has been an important partner for Spinnova, playing a key role in advancing SPINNOVA® fibre toward commercial applications,” said Janne Poranen, CEO of Spinnova. “Bringing these capabilities into Spinnova would strengthen our ability to support broader adoption of SPINNOVA® fibre and advance the commercial scaling of our technology”. The letter of intent sets out the parties’ current understanding of the framework for the potential acquisition, including an initial purchase valuation of EUR 500,000 paid in cash and Spinnova’s shares for all shares in Tearfil. Except for certain provisions expressly stated to be binding, the letter of intent is non-binding and does not create an obligation for Spinnova to proceed with or complete the acquisition. The intended timeframe for completion of the potential acquisition is during Q12027. Under the letter of intent, Spinnova contemplates providing Tearfil with EUR 1.5 million in bridge loan financing for the duration of Tearfil’s process for a special revitalisation proceeding (Processo Especial de Revitalização, “PER”) to restructure Tearfil’s current debts. PER is a Portuguese court-supervised restructuring process intended to enable a company in financial difficulty, but not yet insolvent, to negotiate and approve a recovery plan with its creditors while continuing its business operations. The bridge loan arrangement remains subject to the parties executing definitive loan documentation and the fulfilment of applicable conditions. Spinnova expects to finalise the loan arrangement in the coming weeks and will inform the market accordingly. The loan would have an interest rate of 12-month EURIBOR + 2% and mature one year after payment. The loan agreement would also include early repayment triggers if Spinnova decides not to proceed with the acquisition. The bridge loan would be intended to support Tearfil’s working capital and ordinary-course operational needs during the PER process, subject to Spinnova’s approval. The loan is intended to benefit from availabl
