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It was announced that the consortium formed by the Israeli group SK and Plasan Sasa bought the majority of the shares of the company of the Greek vehicle industry (ELVO).
The Greek Finance Ministry announced today that the majority of shares in ELVO, the country’s largest manufacturer of military vehicles, have been sold to the Israeli consortium.
Greek Finance Minister Hristos Staikuras made a statement to ERT television channel: “We are working with determination to restructure Greece’s defense industry.”
BANKING 2014
According to DW Turkish, ELVO went bankrupt in 2014 and its factories were nationalized by the state. The company, which is considered to be of strategic importance for the Greek defense industry, produces armored vehicles. It is even claimed that the company participated in the production and assembly process of the German Leopard tanks.
Sources at the Greek Finance Ministry shared the information that 79 percent of ELVO’s shares will be under the control of the consortium of Israeli companies, while 21 percent will remain in the Greek state.
FIRST OBJECTIVE TWO ARMED VEHICLES
The first goal is to start manufacturing Israeli Guarder and SandCat military armored vehicles in the EU and NATO member Greece. In the longer term, small arms are planned to be produced at the company’s factory in Thessaloniki.
It is important that Israeli companies support the restructuring of the Greek defense industry through strategic investments and the timing of this support.
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