The Israeli SK Group has completed the full (100%) acquisition of ELVO, Greece’s leading manufacturer of specialized military and civilian vehicles. [1], [2], [3]
ELVO had been under liquidation since 2014. In 2020, Israeli companies Plasan and SK Group, along with a Greek partner, acquired 79% of the company for €3 million. However, the company remained practically inactive, employing just 12 people and generating only €181,000 in revenue in 2023, while losses that same year reached €1.5 million. Most of its income in recent years came from selling scrap materials.
In an official statement, SK Group committed to continuing to serve Greece’s domestic defense needs while expanding ELVO’s presence in international markets. It is worth noting that Greek arms manufacturer Intracom Defense has also been acquired by the Israeli defense company IAI.
ELVO, headquartered in Sindos, specializes in assembling and producing military vehicles for the Hellenic Army.
Since its founding in 1972, it has remained a consistent supplier to the military with vehicles such as the Leonidas armored personnel carrier, Mercedes-Benz G-Class jeeps, and Steyr trucks. It also hosted the certified assembly line for the Leopard 2 HEL tanks in Greece.
The announcement of the full acquisition sparked strong reactions from opposition parties, with New Left and ΜέΡΑ25 accusing the government of complicity in the genocide in Palestine.
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