Breaking Update
Israeli Firm SK Group Completes Takeover of Greek Defense Manufacturer ELVO
Israeli Firm SK Group acquires Greek defense manufacturer ELVO, expanding its global reach and boosting local industry in Europe.
Jerusalem, 19 August, 2025 (TPS-IL) — Israeli holding company SK Group has acquired full ownership of ELVO, Greece’s leading producer of specialized military and civilian vehicles, marking its first operational base in Europe. SK Group, previously a shareholder, said the move underscores its long-term commitment to Greece by boosting local industry, innovation, and exports.
ELVO is best known for manufacturing Leonidas armored personnel carriers, Steyr trucks, and assembling Leopard 2 HEL tanks for the Hellenic Army.
“We see tremendous potential in ELVO’s infrastructure and legacy,” said SK Group Vice Chairman Ronen Hamudot, adding that the company aims to transform ELVO into a premier global production and export hub.
