Israeli entities gain full control over the Greek armament firm
In a significant move, the Israeli SK Group has fully acquired Greece's largest vehicle manufacturer, Elvo, previously holding 79% of its shares since 2020. The Greek state sold the remaining 21% of Elvo's shares to the SK Group this year.
Elvo, based in Thessaloniki, specialises in building armoured military and police vehicles. The company has a rich history, having previously been involved in the assembly of German Leopard-2 tanks for the Greek army.
The acquisition marks a new chapter in the growing partnership between Greece and Israel, particularly in the eastern Mediterranean region. This partnership has been strengthened by increased military cooperation and a response to strained relations with Turkey.
Greece and Israel's joint efforts in the eastern Mediterranean are evident in their use of Israeli air defense systems. Greece's decision to use these systems is part of their broader strategy to bolster their defense capabilities in the region.
The Israeli SK Group aims to develop Elvo into an international production and export centre of strategic importance. This move is expected to enhance Greece's role in military manufacturing and further strengthen the defense cooperation between Greece and Israel.
The acquisition comes amidst a surge in global political tensions, leading to a significant increase in defense spending. The partnership between Greece and Israel is expected to play a crucial role in the region's security landscape.
Elvo's bankruptcy in 2014 and subsequent takeover by the Greek state provided a unique opportunity for the Israeli consortium to invest in the company. The acquisition price, however, remains undisclosed.
Cooperation between Greece and Israel is not new, with Israel providing air defense systems to Greece in the past. The two countries maintain a close security partnership, with military cooperation intensifying in recent years. The eastern Mediterranean has become a key focus area for this growing partnership.
This development underscores the deepening relationship between Greece and Israel, signalling a shift in the regional defence landscape. As the partnership continues to evolve, both countries stand to gain strategically and economically.
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