SK Group and Plasan jointly acquire Greek company, ELVO – Hellenic Vehicle Industry

SK Group – a privately held technology and innovation holding company specializing in global frontline defense, law enforcement solutions, marine infrastructure and property development, and Plasan – a global leader in offering safer vehicle environments and survivability solutions for defense and security forces, have announced their acquisition of ELVO a Greek company with advanced production experience and capabilities in the field of wheeled and tracked vehicles.

The jointly-owned company will manufacture advanced vehicles and protection solutions for various customers, in Greece and worldwide.This acquisition is the result of a fruitful cooperation between SK Group and Plasan, with a long-term strategy of creating a strong base in Europe, headquartered in Greece. The site in Thessaloniki will be transformed into a manufacturing hub serving the global market, and will create many new jobs in the region.

Following a long and meticulous international tender process, the Greek Government selected our bid and business plan, entrusting us with the future of one of the most accredited local companies in the EMEA region. We have already set our plans in motion, investing in infrastructure, technology and recruiting highly-skilled personnel for key positions. We believe that with our experience in defense industry, exports and manufacturing, we will soon affirm the Greek Government’s choice, leading the company forward.

Orly Katsav, Chairwoman of ELVO and Deputy Chairwoman of SK Group

SK Group is world renowned, with decades of proven experience in developing, manufacturing, and marketing solutions for the international defense market. Together with Plasan’s rich experience and technological knowhow in the field of vehicle protection, this will enable ELVO to strengthen its presence in Europe, as well as in other regions. We are pleased with the cooperation with the Greek Government after an extensive evaluation and tender for the purchase of ELVO.

Dimitrios Angelopoulos, General Manager of ELVO

Plasan has a successful history with ELVO, having designed and supplied armor hulls in kit form for the Hellenic Army HMMWV – the M1114GR and M1118GR HMMWVs – all of which were assembled by ELVO, and have been serving the Hellenic Armed Forces since 2004. We anticipate that our cooperation with the local authorities will continue to be fruitful.

Dani Ziv, CEO of Plasan

Source: SK Group news release

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