SK Group buys out all shares of ELVO military vehicle producer - Gains first operational European base
SK Group, a leading holding company known for driving innovation across multiple strategic industries, has acquired the remaining shares in ELVO, Greece’s foremost manufacturer of specialized military and civilian vehicles, becoming its sole owner.
SK Group had previously been a shareholder in the Thessaloniki-based ELVO (Hellenic Vehicle Industry) that has produced buses, heavy utility trucks, military jeeps, armored vehicles, and tanks for the Greek Armed Forces for the past 50 years.
With full ownership of ELVO, SK Group plans to bring its expertise in the defense industry, along with its proven success in turning around privatized factories and revitalizing strategic manufacturing operations, and a commitment to technology transfer to elevate ELVO into a production and export hub.
According to a press release, the acquisition “demonstrates SK Group’s long-term commitment to Greece – bolstering local industry, advancing innovation and fueling economic growth. With ELVO’s unique infrastructure for armored vehicle manufacturing, SK Group will not only continue to meet domestic needs but also drive exports to more global markets.”
SK Group gains first operational European base
The transaction marks SK Group’s first operational base in Europe and cements its position as a leading force in the global military and commercial vehicle sector. It reinforces its commitment to investing in advanced land defense capabilities, localized production and a strategic partnership with Greece.
ELVO has a long-standing legacy in Greece’s defense sector, known for producing iconic platforms such as the Leonidas armored personnel carriers and the Mercedes-Benz G-Class jeeps, which are still in use by the Hellenic Army. The company became synonymous with the production of Steyr trucks, as well as specialized vehicles and buses for civil protection and public services. Additionally, ELVO’s certified production and assembly line for Leopard 2 HEL tanks has been of strategic importance, given Greece's extensive fleet.
“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 the historical partner of the Greek Army and state authorities for more than half a century, has a proven track record of assembling and manufacturing capabilities of both military, civilian, and special-use vehicles.
The move was criticized by Greece’s New Left party, saying that “it is not a simple sell-out, but another act of complicity of the (Kyriakos) Mitsotakis regime with the genocide in Palestine.”
"At the time of the genocide, the Mitsotakis government, is tying the country to Israel’s chariot, proceeding with a nationally detrimental choice that gives away critical sectors on terms of servitude,” the statement continued, adding that “the loss of the most important Greek defense industry to foreign hands undermines the country’s national security and technological self-sufficiency.”
SK Group, founded by Samy Katsav, is a leading holding company known for driving innovation across multiple strategic industries. Its portfolio comprises globally recognized companies that collectively employ over 2,000 people, unified by a commitment to innovation and operational excellence. SK Group’s companies serve military, law enforcement and civilian markets in nearly 60 countries.
- Written by E.Tsiliopoulos
