The Hellenic Vehicle Industry (ELVO) has announced a new €40 million investment aimed at transforming its facilities in Sindos into a major defence technology hub for Southern Europe.
The company is now wholly owned by Israel’s SK Group.
Expanding military vehicle production
The programme includes modernising and expanding military vehicle production, developing new defence systems and creating around 300 jobs in Thessaloniki.
ELVO is also expanding into emerging technologies, including unmanned aerial systems, autonomous systems and technologies for detecting and countering hostile drones.
The company said the new portfolio will incorporate SK Group’s expertise and technological solutions, allowing ELVO to move beyond operating solely as a subcontractor or component manufacturer.
The goal is for the company to be able to integrate and manufacture complete defence systems.
Around 300 new jobs
ELVO has already begun recruiting for the new positions, which will include specialist engineers, production technicians and operational staff.
Beyond directly increasing employment, the ELVO investment is expected to support a wider network of Greek industrial partners, suppliers and service providers.
The company’s management expects the project to create new supply-chain partnerships and generate additional economic activity across northern Greece.
Investment follows €20m restructuring programme
The new programme follows more than €20 million in investments made by SK Group after its acquisition of ELVO to restructure the company, upgrade its facilities and improve production processes.
The latest projects are already under way and will be implemented gradually across the company’s industrial complex in Sindos, which covers almost 300,000 square metres.
ELVO general manager Antonis Vetezakis said Greece has the talent, industrial base and strategic position needed to become a leading force in the next generation of European defence production.
According to the company, the investment reflects SK Group’s long-term vision for Greece and its commitment to investing in the country’s workforce, industrial capabilities and future.
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