For LICO, 2024 was an exceptional year—overcoming challenges, discovering new paths and rising above. Despite the breathtaking turns, the company managed to maintain a 5% operating profit. Enter the story and harness the potential of composites.
In 2023, LICO’s largest customer, a European bus manufacturer, suddenly ceased its operations, which led to a revenue drop of up to €3 million in 2024. It was a situation no one could have anticipated. More important, however, was how LICO responded. The company made the right moves at the right time and remained profitable.
“We turned the difficult situation into a great defensive victory, scaling the operations and discovering new business ideas more efficiently than ever,” says Arto Pitkämö, CEO at LICO.
In 2024, ownership and financing arrangements helped strengthen the company’s financial position. Thus, LICO is better equipped to seize new opportunities and continue its growth.
“We now have more resources than ever to meet our customers’ needs and to innovate. Our production is running well, and we will even increase our workforce during the year,” Pitkämö states.
A broader customer base for a more diverse composite business
The sudden change led to the expansion of LICO’s customer portfolio and business segments. Now, the company operates in six business sectors: shipyards and cruise vessels, boat components, the defence industry, machinery and equipment manufacturing, the vehicle industry (including buses and rail), and other public transport solutions.
Concurrently, LICO contributes to better preparedness and operational performance amid the current geopolitical climate. The defence industry is growing rapidly and offers significant potential. Traditionally, the sector has relied heavily on steel. With composite materials, the weight of military vehicles can be reduced significantly, which improves mobility in rugged terrain. At the same time, passenger comfort and safety inside the vehicles are enhanced. Faster production cycles also improve delivery readiness.
“Introducing composite solutions to the defence sector requires consistent development, but the benefits are undeniable—lightweight, durable, and fire-safe structures that also protect from bullets and shrapnel,” Pitkämö emphasizes.
Towards a sustainable future and growth with composites
In 2025, LICO participates in three development projects on bio-based and recycled materials, including hemp fibers, cotton, and resin from recycled plastic bottles. While some of the new materials do not yet fully meet all technical requirements, the course is clear—the environmental friendliness of composite solutions is a key competitive advantage.
“We are particularly interested in how existing composite solutions can be made even more sustainable and how we can replace steel with bio-based materials. If your company is looking for innovative and sustainable composite solutions, LICO has the passion and expertise to help. Let’s talk and make the future lighter, stronger, safer, and more responsible,” encourages Pitkämö.