Brief: Spinnova JV Increases Capital Investment Budget

Spinnova Oyj

02/06/2022 06:53

June 2 (Reuters) - Spinnova Oyj  SPINN.HE :
    * WOODSPIN INCREASES CAPITAL INVESTMENT BUDGET TO ENHANCE
SUSTAINABILITY AND RESEARCH AND DEVELOPMENT CAPABILITIES AND
ACCOUNT FOR COST INFLATION. CONSTRUCTION SCHEDULE ON TRACK FOR
COMPLETION BY END OF 2022
    * REVISED CAPITAL INVESTMENT BUDGET AMOUNTS TO APPROXIMATELY
EUR
31 MILLION, WHICH REPRESENTS AN EUR 9 MILLION INCREASE TO
INITIAL INVESTMENT BUDGET MADE IN 2020
    * WOODSPIN, JOINT VENTURE OF SPINNOVA AND ITS STRATEGIC
PARTNER,
SUZANO, HAS DECIDED TO INCREASE CAPITAL INVESTMENT BUDGET OF ITS
FACTORY PROJECT UNDER CONSTRUCTION IN CENTRAL FINLAND
    * SPINNOVA AND SUZANO ARE EACH MAKING AN ADDITIONAL EUR 4.5
MILLION CAPITAL INVESTMENT COMMITMENT, RAISING EACH JV PARTNER'S
COMMITMENT FROM EUR 11 MILLION TO EUR 15.5 MILLION
    * UPDATED WOODSPIN BUDGET DOES NOT AFFECT SPINNOVA'S OUTLOOK
FOR
2022

Source text for Eikon:  ID:nWkr6BJCJF 
Further company coverage:  SPINN.HE 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))