Jerusalem, 20 August, 2025 (TPS-IL) — The SK Group, an Israeli technology and innovation holding company, took its first step towards expanding into the European market on Tuesday with the acquisition of ELVO, Greece’s leading manufacturer of specialized military and civilian vehicles.
Based in Kiryat Gat, the SK Group specializes in global frontline defense, paramilitary solutions, marine infrastructure, and other strategic industries.
The group’s Vice Chairman, Ronen Hamudot, told The Press Service of Israel that the idea behind the acquisition “is actually to invest more in developing the company, not only in the defense sector, but also in the commercial one,” enabling the SK Group to move into the European market — and potentially the global market too — for armored fighting vehicles and tanks.
The acquisition also deepens Israeli-Greek ties, he said.
“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,” Hamudot explained.
Hamudot told TPS-IL that ELVO, which is based in Thessaloniki, has two production lines. The commercial line “mainly serves Greece and involves activities such as bus assembly, cabin train assembly, painting, and other maintenance.” The defense line “will initially focus mainly on upgrades and assembly of tanks and armored personnel carriers,” he added.
ELVO also has a long history in Greece’s defense sector, having produced platforms such as the Leonidas armored personnel carriers and Mercedes-Benz G-Class jeeps used by the Hellenic Army. The company has also played a key role in the production of Steyr trucks, specialized vehicles, and buses, as well as the certified assembly of Leopard 2 HEL tanks.
Hamudot said the SK Group sees “enormous potential in ELVO’s infrastructure and legacy” that can transform ELVO into “a leading global production and export hub.”
The SK Group employs around 2,000 people across the 60 countries where it has a presence.
The group is also developing cutting-edge technologies for police and special units, as well as for search and rescue missions. The latter have already saved lives during the recent attack on Israel, as well as in major earthquakes around the world. The group also develops electro-optic and laser solutions, imaging systems, and naval solutions, drawing on innovation and field-proven technologies.
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