Adidas invests in Finnish sustainable fibre firm Spinnova | Reuters

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Spinnova Finland Innovative Textile Fibre

German sportswear firm Adidas (ADSGn.DE), which is seeking to increase the proportion of sustainable materials it uses in its products, is investing in Finland’s Spinnova, a company that makes textile fibre out of wood or agricultural waste.

Adidas has agreed to subscribe for 3 million euros ($3.65 million) worth of shares in the company’s planned initial public offering, bringing the total investment it has secured to 58 million euros, Spinnova said in a statement.

“We are an ideal match with the ambitious and pioneering Adidas sustainability strategy,” Spinnova CEO and co-founder Janne Poranen said.

Spinnova is building its first commercial factory in Finland with strategic partner and wood raw material supplier Suzano, and is also building a pilot facility for fibre production out of leather waste.
— Read on www.reuters.com/business/sustainable-business/adidas-invests-finnish-textile-recycling-firm-spinnova-2021-06-10/

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About the destination expert
Lassi Pensikkala — With four decades in the travel industry, economist Lassi Pensikkala has worked as a professional travel guide, destination management entrepreneur, and international travel consultant, serving 700+ B2B clients from 55 countries. He is polyglot and his experience spans global mega-events (Formula 1, football world championships, international trade fairs, and congresses) as well as incentives, themed group tours, and tailor-made cultural journeys. This expertise is built over 40+ years as the founder and operator of a destination management company in Germany, Europe and Latin America. He is the author of 37 Europe travel guides, 60 USA and 20 Latin America destination guides, and a growing collection of multilingual Travel Destination Magazines EN ES DE SE FI on AmerExperience.com. Learn more

By Lassi Pensikkala | Economist & Entrepreneur

Lassi Pensikkala is a Finnish travel expert, economist, and founder of AmerExperience.com. He lived in Sweden, 28 years in Germany and resides in Ecuador since 2009, publishing multilingual travel guides and international destination insights.

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