Spinnova cuts jobs and changes management team in restructuring

Business

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Finnish textile technology company Spinnova Plc, known for its collaborations with Adidas, Marimekko, and Icebreaker, among others, has announced a major restructuring. Due to disappointing results and high costs, the company aims to "adapt its organisational structure to the current development phase and changed market conditions," according to the press release.

Of the 56 employees at Spinnova, around 35 people will lose their jobs. The press release emphasises that the measures could also lead to team restructurings, job changes, and both temporary and permanent layoffs. Spinnova expects to save approximately 2.6 million euros annually through the restructuring.

“The exact details regarding the scope and who will be affected by potential layoffs will be worked out during the negotiation process,” the company said in a press statement. The negotiation process will begin on April 23, 2025, and is expected to be completed by June 4, 2025. The outcome of the restructuring will be implemented no later than December 31, 2025.

In addition to the restructuring, Spinnova is also making changes to its management team. The company aims to better align responsibilities with the current phase of the company, according to the press release.

CFO and deputy CEO Ben Selby and chief revenue officer Lasse Holopainen are stepping down. Selby had been a member of the team since 2021 and Holopainen since 2022. Both will remain involved in strategic projects until the end of June.

“I want to thank Ben and Lasse for their commitment to scaling and commercializing Spinnova. I wish them all the best for the future,” shares CEO Janne Poranen.

This article was translated to English using an AI tool.

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