Spinnova plans Tearfil acquisition to expand yarn capacity

Jyväskylä - Finnish textile fibre developer Spinnova has signed a non-binding letter of intent to acquire all shares in Portuguese yarn spinner Tearfil, subject to due diligence and regulatory and corporate approvals.

Spinnova also plans to provide Tearfil with a €1.5 million bridge loan while the company restructures its debts under Portugal’s court-supervised PER process.