Israel’s SK Group has acquired 100% of ELVO, the most prominent Greek manufacturer of specialized military and civilian vehicles. The move marks SK Group’s first operational base in Europe and reinforces its global position in defense and commercial vehicles.

The company had acquired 79% of ELVO in 2021, in a deal that also involved the Israeli company Plasan.

According to the official announcement, SK Group plans to leverage its extensive expertise in defense, experience in restructuring privatized factories, and commitment to technology transfer to turn ELVO into a leading center for production and exports.

Ronen Hamudot, SK Group’s Vice President, described the acquisition as a “significant milestone” in the company’s strategic growth plans. He emphasized the potential of ELVO’s facilities and heritage, committing to develop it into an international hub for production and exports.

The investment reflects SK Group’s long-term vision to strengthen Greece’s defense industry while expanding its operational footprint in Europe as a global leader in land defense systems.

ELVO has a long-standing presence in the Greek defense sector, producing vehicles such as the Leonidas armored personnel carriers and Mercedes-Benz G-Class jeeps, both still in service with the Greek military. The company also manufactured Steyr trucks, specialized vehicles, and buses for civil protection and public services. Additionally, its certified production and assembly line for Leopard 2 HEL tanks is strategically important given Greece’s extensive tank fleet.

This acquisition positions ELVO for growth in advanced land defense capabilities, local manufacturing, and international collaboration, underlining SK Group’s commitment to the European defense market.