A new €40 million investment, which aims to transform its facilities in Sindos into a major defense technology hub for Southern Europe, was announced today by the Hellenic Vehicle Industry (ELVO), which is now wholly owned by Israel’s SK Group.
The program includes the modernization and expansion of military vehicle production, the development of new defense systems, and the creation of approximately 300 jobs in Thessaloniki.
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At the same time, ELVO is expanding into emerging technologies, such as unmanned aerial systems, autonomous systems, and technologies for detecting and countering hostile drones.
The company’s new portfolio will incorporate the SK Group’s expertise and technological solutions, with the goal of ensuring that ELVO does not merely operate as a subcontractor or component manufacturer, but to be able to assemble and produce complete defense systems.
The company has already begun hiring for the new positions, which will address the need for specialized engineers, production technicians, and operations managers.
Beyond directly boosting employment, the investment is expected to mobilize a broader network of Greek industrial partners, suppliers, and service providers. ELVO’s management estimates that new synergies will be created in the supply chain and additional economic activity will be generated in Northern Greece.
The new program follows investments totaling more than €20 million made by the SK Group following its acquisition of ELVO to restructure the company, upgrade its facilities, and improve production processes.
The projects are already underway and will be implemented in phases at the Sindos industrial complex, which covers a total area of nearly 300,000 square meters.
“We believe that Greece has the talent, the industrial base, and the strategic location to become a leading force in the new generation of European defense manufacturing,” said ELVO General Manager Antonis Vetezakis, according to a press release.
As he noted, the investment reflects the group’s long-term vision for Greece and its commitment to investing in the country’s human resources, industrial capabilities, and future.
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