The acquisition underscores SK Group’s long-term commitment to Greece, with a focus on strengthening local industry, advancing innovation and fuelling economic growth. With ELVO’s infrastructure for armoured vehicle manufacturing, the company aims to meet domestic demand while expanding exports to global markets.
With full ownership, SK Group will apply its expertise in the defence sector, alongside its experience in revitalising privatised factories and transferring technology. This approach seeks to elevate ELVO into a premier production and export hub for military and civilian vehicles.
The deal marks SK Group’s first operational base in Europe and consolidates its standing in the global military and commercial vehicle sector. It also reinforces the company’s commitment to investing in advanced land defence capabilities and strengthening its strategic partnership with Greece.
ELVO has a long history in Greece’s defence sector, producing platforms such as the Leonidas armoured personnel carriers and the Mercedes-Benz G-Class jeeps used by the Hellenic Army. The company has also been central to the production of Steyr trucks, specialised vehicles, buses and the certified assembly of Leopard 2 HEL tanks.
“Acquiring full ownership of ELVO marks a significant milestone in our strategic growth plans and deepens ties with Greece,” said SK Group’s Vice Chairman Ronen Hamudot. “We see tremendous potential in ELVO’s infrastructure and legacy, and we are committed to transforming it into a leading global hub for production and export. This investment reflects our long-term vision to strengthen Greece’s defense industry and expand SK Group’s operational footprint in Europe as a global leader in the land defense sector.”
ELVO, as a historic partner of the Greek Army and state authorities for over half a century, has demonstrated extensive capabilities in assembling and manufacturing military, civilian and special-use vehicles. Its reputation in Greece’s industrial and defence landscape has been built on decades of production and strategic collaboration.
Founded by industrialist Samy Katsav, SK Group is a holding company with a portfolio of globally recognised businesses employing over 2,000 people. The group’s companies serve military, law enforcement and civilian markets in nearly 60 countries, united by a focus on innovation and operational excellence.
