SPICA

What SPICA does

SPICA S.r.l. is an Italian manufacturer of high-performance rigid PVC film materials used as the substrate in plastic card production. Operating from a single production site in Castiglione Olona (Varese district), the company runs four calendaring lines and two coating lines producing film in thicknesses from 40µm to 820µm in PVC and PVC/ABS blends, with a nominal capacity of 16,000 tons per year (actual production ~13,000 tons annually). Its product portfolio is organized around core films (SICOSMART for financial/ID/SIM cards, SICOFFSET for RFID and access cards, SICOLEX for gift/loyalty cards), overlay films (SICOPLAST with antimicrobial and laser-engraving options), playing-card film (SICOPLAY), and a sustainable line covering 100% recycled PVC (SICO-R), degradable PVC (SICOECO), and 60%+ grinded PVC (SICOREG). Customers are card manufacturers serving end-verticals including financial payments, government IDs (e-passports, driver's licenses, health cards), transport/access, SIM/IoT, and playing cards.

The business is a focused B2B industrial supplier with a singular product category (card film), selling directly to card manufacturers and converters across 60 countries through a dedicated commercial team rather than through distributors. Revenue is generated via product sales priced on specification, formulation, and volume, with indicative pricing tied to raw-material and energy indices (≥5% movement triggers a buyer renegotiation right). The entity in its current form was established in 2021 when DUBAG carved out the specialist card division of Liveo and founded SPICA as an autonomous Italian S.r.l., succeeding a business lineage that traces back to a 1953 PVC calendaring line and passed through EVC (1997), INEOS (2001), Bilcare Research (2010), and Lindsay Goldberg private equity (2019). SPICA is now under the direction and coordination of LEO II.VV5 GmbH.

SPICA reports annual turnover of approximately €70.2 million and employs over 160 people globally. Quality, sustainability, and energy management are codified through ISO 9001, ISO 14001, ISO 50001, and EcoVadis certifications, and the company publishes an annual sustainability report. Its stated value proposition rests on five pillars: customer centricity, innovation (antimicrobial, display, biometric, sustainable films), market leadership, reliability (batch-to-batch consistency, OTIF, zero-defect tolerance for 10+ year card lifespans), and fair pricing.

Name

SPICA

Legal name

Spica S.r.l.

Website

https://spica.eu

Company type

Private

Founded year

1953

Operating status

Operating

Headcount range

51–100 employees

Short description

SPICA is an Italian manufacturer of high-performance PVC film materials for the global plastic card industry. Founded in 1953 and re-established in 2021 under DUBAG ownership, it supplies card manufacturers across 60 countries with core, overlay, and sustainable film products.

Ownership category

akta.pro rank

Product category

Plastic Card Film Materials

NAICS

Plastics Packaging Film and Sheet (including Laminated) Manufacturing (326112)

SIC

Unsupported Plastics Film & Sheet (3081)

akta.pro primary industry

PVC & Chlorinated Polymers (IMAEANAB)

Keywords

• PVC film manufacturing
• Plastic card materials
• Core overlay films
• Recycled PVC films
• Rigid PVC calendaring

Headquarters

HQ city

Castiglione Olona

HQ country

Italy

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. PVC film material sales: SPICA manufactures and sells high-performance PVC film materials (core films, overlay films, specialty films) directly to card manufacturers for use in financial cards, government IDs, SIM cards, playing cards, gift cards, and loyalty cards. Revenue is generated through product sales with pricing based on specifications, formulation, and volume, with a focus on long-term supply contracts and direct customer relationships.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

SPICA manufactures and sells high-performance PVC film materials — core films, overlay films, and specialty films — used by card manufacturers to produce financial cards, government IDs, SIM cards, playing cards, gift cards, and loyalty cards. Production is based on PVC calendaring with film thicknesses from 40µm to 820µm, offering sustainable options including 100% recycled, degradable, and grinded PVC variants. Revenue is generated through direct sales to card manufacturers with pricing based on specifications, formulation, and volume under long-term supply contracts.

Product overview

SPICA offers a comprehensive portfolio of high-performance PVC film materials for the plastic card manufacturing industry. The product range includes core films (SICOSMART, SICOFFSET, SICOLEX) and overlay films (SICOPLAST), along with sustainable product lines (SICOECO, SICO-R, SICOREG). SICOSMART serves as the premium core for financial, ID, and SIM cards requiring long life (5-10+ years). SICOFFSET offers versatile core solutions for RFID, access control, and loyalty cards. SICOPLAST provides premium overlay for financial and government cards with antimicrobial protection. The sustainable line includes degradable (SICOECO), recycled (SICO-R, up to 100%), and grinded PVC options (SICOREG, 60%+). SICOPLAY addresses the professional and casino playing card market.

Differentiator

Problem solved

Functional benefit

Brands

• SICOECO: Degradable PVC film available in white, transparent and colored options, printable on both sides, with external protective overlay available in several formulations.
• SICO-R
• SICOREG
• SICOSMART
• SICOFFSET
• SICOLEX
• SICOPLAST
• SICOPLAY

Products and services

• SICOECO Degradable PVC film for all application fields including financial cards, government IDs, and loyalty cards. Available in white, transparent and colored variants; printable on both sides; coated or uncoated external protective overlay; several formulations available.
• SICO-R Recycled PVC film for all application fields, made with up to 100% recycled PVC. Available in white, transparent, and coloured PVC films and used to produce fully sustainable plastic cards.
• SICOREG Grinded PVC film for all application fields, made with at least 60% grinded PVC. Available in white opaque finish and intended for environmentally conscious card manufacturers.
• SICOSMART Highest-quality core film for financial cards, ID cards, transportation cards, and SIM cards (premium). Produced in PVC or PVC/ABS mixture with thickness between 90µm and 820µm. Designed for long-life cards (5–10+ years), with excellent printability on both sides and tight tolerances.
• SICOFFSET Versatile core film used in RFID cards, ID access cards, and high-end gift and loyalty cards. Produced in PVC or PVC/ABS mixture with thickness between 90µm and 820µm. Available in white and transparent films, with high printability on both sides; digital printing version available.
• SICOLEX Core film mainly used for gift cards, loyalty cards, and access control cards. Produced in PVC with thickness between 200µm and 820µm. Available in white PVC film with standard quality and tolerances.
• SICOPLAST Premium overlay film designed for all fields of application including financial cards and government cards. Thickness between 40µm and 300µm. Features high transparency, smooth texture for lamination, coated or uncoated options, multiple coating types, laser engraving version, and antimicrobial material protection.
• SICOPLAY Standard or high-performing modified PVC film for professional and home playing cards. Thickness between 250µm and 350µm. Features outstanding printability on both sides, rough paper contact surface, high opacity, and precise cutting tolerances for casino and consumer use.

Quantifiable outcome

• Nominal capacity of 16,000 tons/year with 13,000 tons actual production processed annually
• +3 more outcomes

Named customers3 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Avient (formerly PolyOne): Avient is a specialty polymer materials provider offering formulated films, compounds, and coated substrates across multiple end-markets. Its specialty film and color/functional additives overlap with SPICA's high-spec card substrate business.
• Eastman Chemical: Eastman Chemical is a large US-based specialty chemicals and plastics producer with broad plastics film and polymer capabilities. While not focused solely on card film, Eastman competes in adjacent specialty films and PVC-alternative material spaces that could pressure SPICA over time.
• SABIC: SABIC is one of the world's largest petrochemicals and polymer producers, supplying PVC and other resins upstream to film converters including SPICA. As a broad incumbent upstream player, it shapes PVC supply economics and could also move downstream into specialty films.
• Avery Dennison: Avery Dennison is a global specialty materials company producing label, RFID, and card-related films and components. It serves the same card and identity ecosystems through downstream products and is a broad incumbent whose RFID inlay business intersects SPICA's RFID-capable film layers.

Direct peers

• Tekni-Plex: Tekni-Plex is a specialty manufacturer of plastic films and tubing, including PVC-based substrates for cards, healthcare, and packaging. It sells into adjacent regulated end-markets and competes with SPICA in card and laminate films.
• Renolit: Renolit is a major European manufacturer of plastic films and laminates for surface, packaging, and identity/card applications. It produces specialty films overlapping with SPICA's card substrate portfolio and competes for similar B2B specification-driven customers.
• Klöckner Pentaplast: Klöckner Pentaplast is one of the largest global producers of rigid PVC films, including films used in card, pharma, and consumer-durable applications. It is the closest direct competitor to SPICA in the rigid PVC film space and shares many of the same card-industry customers and qualification cycles.
• Liveo (formerly Bilcare Research / specialist card division): Liveo (formerly Bilcare Research) is the European specialty films business from which SPICA was carved out in 2021 via DUBAG. Liveo retains PVC/PE film activities that overlap with SPICA's card substrate portfolio, making it a historical and competitive reference point.

Emerging players

• Innovia Films: Innovia Films (a CCL Industries company) manufactures specialty oriented films for security, labels, and card applications. It is an emerging competitor with overlapping product formats (security overlays, printable substrates) that compete for niche specification-driven card programs.
• Wiman Corporation: Wiman Corporation is a US-based custom plastic film extruder producing PVC, PET, and specialty films. While a smaller player, it serves comparable industrial film customers and could participate in card-related film supply.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/spica-castiglione

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SPICA