Sami Katsav invests an additional 40 million euros in Greece’s defense industry
The SK Group, owned by the Israeli businessman, is increasing its investment in the Greek company ELVO to over 60 million euros. The company plans to transform its Thessaloniki plant into a hub for defense system development, following the 3 billion euro "Achilles Shield" deal between Israel and Greece.
Israeli businessman Sami Katsav is deepening his investment in the Greek defense industry. ELVO, owned by Katsav's SK Group, will invest 40 million euros in the expansion and modernization of its defense operations in Greece.
This investment adds to the more than 20 million euros the group has already injected into the company since its acquisition, bringing the total investment reported by SK in ELVO to over 60 million euros.
As part of the plan, production capacity for military vehicles at the company's plant in Sindos, near Thessaloniki, will be increased. Simultaneously, ELVO will expand into new defense sectors, including the research and development of unmanned aerial systems, anti-drone systems, and autonomous technologies, incorporating expertise and technologies from the Israeli SK Group.
The investment gains additional significance in light of the major military buildup currently being promoted by the Greek government and expanding defense ties with Israel. Just this week, the Israeli Ministry of Defense and the Greek Ministry of National Defense signed the "Achilles Shield" deal worth approximately 3 billion euros — more than 10 billion shekels. This represents the largest defense export deal ever between Israel and Greece and one of the largest in Israel's history.
Under the agreement, Israel will establish a multi-layered air defense array for Greece, including Rafael's "David's Sling" and SPYDER, Israel Aerospace Industries' BARAK MX and MMR radars, and a new national command and control system. Additionally, a 26 million euro deal was signed for the supply of Drone Dome systems. The agreement also includes technology transfer and expanded cooperation with the local Greek defense industry.
300 new jobs
For Katsav, these developments place ELVO in a strategic position. Even before the signing of the giant deal, it was reported in Greece that the company aimed to integrate into the "Achilles Shield" program to transform its Thessaloniki facilities into a broader defense industrial hub.
The current plan is expected to create about 300 new jobs in engineering, production, and operations. ELVO estimates that the investment will allow the company to meet the needs of the Greek defense system while competing for additional export contracts.
ELVO has nearly 50 years of experience in the production, assembly, and upgrading of military vehicles, with facilities covering approximately 273,000 square meters. Katsav's SK Group employs more than 2,000 workers and operates in nearly 60 countries.
Katsav is part of the controlling group that owns Israel Shipyards and is a partner of Shlomi Fogel, who is considered one of the closest associates of Prime Minister Benjamin Netanyahu.
