The management of ELVO is aiming to establish a Defence Hub at its facilities in Thessaloniki, expanding its activities across a broad range of defense industry segments and developing a strong R&D function. According to press reports, a substantial investment package is being planned by its Israeli parent, SK Group.
The signing of a Memorandum of Understanding (MoU) with Rheinmetall MAN Military Vehicles GmbH—one of Europe’s leading manufacturers of tactical vehicles—announced on Thursday, marks a significant step toward ELVO’s restructuring and its return to a leading position in the global defense landscape. The agreement establishes a framework for cooperation in infrastructure integration, including advanced superstructures such as air defense systems, as well as the assembly of military trucks tailored to the needs of the Hellenic Army, Navy
and Air Force.
According to company management, the Thessaloniki plant offers extensive production, assembly and maintenance capabilities, positioning it as a strategic hub for future defense programs.
Commenting on the agreement, ELVO Managing Director Antonis Vitetzakis described the partnership with RMMV as a key milestone for both ELVO and the future of Greece’s defense industry. He noted that it strengthens national industrial capabilities, creates opportunities for economic growth, and positions Thessaloniki as a strategic center for defense manufacturing and innovation.
Beyond this agreement, sources indicate that ELVO Chairwoman and SK Group Vice President Orly Katsav, along with a delegation from the Israeli parent group, held meetings this week with local authorities in Thessaloniki. During these discussions, SK Group outlined its intention to develop ELVO’s facilities into a full-scale Defence Hub, encompassing the production of military vehicles—both through existing partnerships and new collaborations—as well as the manufacture of defense equipment ranging from helmets to drones.
In this context, the Israeli group—Israel’s largest privately held defense group—is reportedly planning to invest more than 30 million euros in ELVO over the next three years, with over one-third allocated to R&D, alongside upcoming recruitment initiatives.
It is also noted that, in late March, ELVO formally expressed interest in participating in the “Achilles Shield” intergovernmental defense program, citing its long-standing expertise in the design, manufacturing, assembly, upgrading and lifecycle support of military and special-purpose vehicles, combined with advanced Israeli know-how and its modern production lines, testing capabilities and comprehensive technical support services at its Sindos, Thessaloniki
facilities.
SK Group, the largest private defense group in Israel, operates facilities across the United States, Asia and Latin America, and is now further consolidating its presence in Europe.
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