Israeli Businessman Sammy Kassis's ELVO to Invest €40 Million in Greek Defense Expansion
Translated & summarized from Ice by baba
ELVO, a Greek defense manufacturer owned by Israeli businessman Sammy Kassis's SK Group, will invest 40 million euros to expand its production capabilities, create 300 jobs, and develop new defense technologies in Greece.
The story in 5 lines · by baba
- ELVO to invest €40 million in defense production expansion.
- Investment to create 300 new jobs in Sindos, Greece.
- Focus on military vehicles, drones, and anti-drone systems.
- Israeli businessman Sammy Kassis owns ELVO via SK Group.
- Aims to make ELVO a Southern European defense technology hub.
ELVO, a leading Greek manufacturer of military and civilian vehicles owned by Israeli businessman Sammy Kassis's SK Group, announced a significant investment of 40 million euros to expand and modernize its defense production capabilities. This investment is expected to create approximately 300 new jobs at the company's plant in Sindos, Greece.
The expansion will bolster existing military vehicle production and enhance ELVO's capacity for producing additional defense systems, including advanced research and development in areas like unmanned aerial systems and anti-drone systems. The SK Group's expertise and technologies will also be integrated into ELVO's systems portfolio. This new investment follows a previous outlay of over 20 million euros by SK Group since acquiring ELVO, which was used for restructuring, facility upgrades, and production process optimization.
The plan aims to modernize and increase ELVO's military vehicle production capacity while establishing new capabilities in emerging defense technologies. These investments are intended to enable ELVO to meet the operational demands of the Greek defense market and capitalize on growing export opportunities internationally, positioning the company as a significant player in the defense industry.
Implementation of the plan has already begun at ELVO's industrial complex in Sindos. The investment is projected to transform ELVO into a defense technology hub in Southern Europe, combining increased military vehicle production with new capabilities in unmanned and autonomous systems. ELVO's management highlighted the investment's contribution to employment and economic development in Greece, with recruitment already underway for engineering, technical production, and operational roles.
Beyond direct employment, the expansion is anticipated to strengthen the regional business ecosystem by creating opportunities for industrial partners and service providers, fostering supply chain synergies, and supporting additional indirect economic activity. "We believe that Greece has the human capital, the industrial base, and the strategic location to become a leading force in the next generation of European defense manufacturing, and our commitment to ELVO reflects our long-term vision for Greece, investing in its people, its industrial capabilities, and its future," stated Antonis Vitzakis, CEO of ELVO.