Israeli-Owned ELVO Invests €40 Million to Turn Greek Factory Into Defense Technology Hub

Jerusalem, 4 September, 2026 (TPS-IL) -- ELVO, Greece’s historic military and civilian vehicle manufacturer, announced Friday a €40 million investment to turn its Sindos complex near Thessaloniki into a production and research hub for Israeli defense technologies.

Fully owned by Israel’s SK Group, ELVO will introduce Israeli know-how, including unmanned aerial and counter-drone systems, modernize its military vehicle production and create about 300 jobs.

The program marks a new stage in reviving a manufacturer with more than 50 years’ experience producing, assembling, upgrading and supporting military, civilian and special-purpose vehicles.

SK Group became ELVO’s sole owner in 2025 after acquiring the remaining shares, gaining its first operational manufacturing base in Europe and a platform for transferring Israeli defense technology into European production.

ELVO said the expansion would allow it to integrate and manufacture complete defense systems, meet Greek Armed Forces requirements and pursue international export contracts.

Implementation is under way in phases at the nearly 300,000-square-meter Sindos facility. Recruitment has begun for engineers, manufacturing technicians and operational personnel, with additional work expected for Greek suppliers and service providers.

The investment follows more than €20 million already spent by SK Group to restructure ELVO, upgrade its facilities and streamline production.

“We believe Greece has the talent, industrial foundation and strategic position to become a leading force in the next generation of European defense manufacturing,” ELVO General Manager Antonis Vetezakis said. He described the expansion as a long-term investment in Greece’s people, industrial capabilities and future.

Founded by Israeli industrialist Samy Katsav, SK Group controls companies specializing in weapons systems, electro-optics, advanced imaging and naval platforms. They employ more than 2,000 people and serve military, law-enforcement and civilian customers in nearly 60 countries.