The spending will modernize ELVO’s existing military vehicle lines and add capacity for other defense systems. It will also support research and development in unmanned aircraft, counter-drone technology and autonomous systems.
ELVO intends to bring technology and expertise from its parent, Israel’s SK Group, into the expanded operation. The company is seeking to meet Greek military requirements while competing for export business in international defense markets.
Work is already underway and will be carried out in phases across the Sindos industrial complex. ELVO plans to combine vehicle production with new unmanned and autonomous systems capabilities at the site.
The expansion follows more than €20 million of investment by SK Group since it acquired ELVO. That earlier spending went toward restructuring the company, upgrading its facilities and improving production workflows.
Recruitment has begun for engineering, technical manufacturing and operational roles. ELVO expects the project to generate additional business for suppliers and service providers across northern Greece.
“We believe that Greece has the talent, industrial foundation and strategic position to become a leading force in the next generation of European defense manufacturing,” ELVO General Manager Antonis Vetezakis said. The company said the investment reflected SK Group’s long-term plans for ELVO and Greece.
ELVO’s existing capabilities cover defense manufacturing, research and development, technology transfer and systems integration. The company can integrate and produce complete defense systems, extending its role beyond subcontracting and component manufacturing.
