Greek military vehicle maker ELVO is investing 40 million euros ($46 million) to expand and modernize its defense manufacturing operations in northern Greece, including production capacity for drones.
The investment will upgrade ELVO’s existing facility in Sindos and strengthen its capacity to manufacture military vehicles and integrate new defense technologies.
The company said the expansion will also incorporate know-how and technologies from its parent company, SK Group, including unmanned aerial systems and drones.
ELVO plans to create about 300 new jobs through the expansion, with positions spanning engineering, technical manufacturing, and operations. The project is also expected to support activity across the broader regional supply chain.
“We believe that Greece has the talent, industrial foundation and strategic position to become a leading force in the next generation of European defense manufacturing and our commitment to ELVO reflects our long-term vision for Greece,” ELVO General Manager Antonis Vetezakis said.
Greek Firms Expand Production Capacity
ELVO’s investment comes as other Greek defense companies expand their manufacturing footprints to meet growing demand for military equipment.
In August, AeroVironment announced plans to establish a joint venture in Greece to locally produce drones, loitering munitions, and counter-drone systems for European customers.
In June, METLEN inaugurated its fourth production unit, while a sixth factory was added to the planned complex earlier this year. Once fully developed, the hub is expected to have six factories capable of supporting multiple defense programs.
Earlier, in May, Rheinmetall signed a memorandum of understanding with ELVO to assemble military trucks and specialized systems for the Hellenic Armed Forces.