Greece's Hellenic Vehicle Industry (ELVO) has announced a €40 million investment programme aimed at transforming its facilities in Sindos, Thessaloniki, into a major defence technology hub for southern Europe.
The company, now fully owned by Israel's SK Group, said the investment will modernise and expand military vehicle production, support the development of new defence technologies and create approximately 300 new jobs.
Expansion into drones and defence technologies
The programme includes the upgrading of military vehicle manufacturing facilities and the development of new defence systems.
ELVO also plans to expand into emerging technologies, including:
- Unmanned aerial systems (drones)
- Autonomous systems
- Detection and counter-drone technologies
Under the plan, the company will integrate technological expertise and solutions developed by SK Group, with the aim of evolving from a subcontractor and component manufacturer into a producer of complete defence systems.
New jobs and industrial partnerships
ELVO said recruitment has already begun, with new positions planned for:
- Specialised engineers
- Production technicians
- Operational and management personnel
Beyond direct employment, the company expects the investment to stimulate a broader network of Greek industrial partners, suppliers and service providers.
Management believes the project will generate new supply-chain partnerships and additional economic activity across northern Greece.
Building on previous investment
The latest expansion follows investments of more than €20 million already carried out by SK Group since acquiring ELVO.
Those earlier investments focused on the restructuring of the company, upgrading facilities and improving manufacturing processes.
The new projects are already under way and will be implemented gradually at ELVO's industrial complex in Sindos, which covers nearly 300,000 square metres.
Long-term vision
According to ELVO chief executive Antonis Vetezakis, the investment reflects both confidence in Greece's industrial potential and the company's long-term ambitions.
"We believe Greece has the talent, industrial base and strategic position to become a leading force in the next generation of European defence production," Vetezakis said.
He added that the investment demonstrates SK Group's long-term commitment to Greece, including investment in human resources, industrial capabilities and the country's future.
Source: CNA
