Thessaloniki, Greece. ELVO – Hellenic Vehicle Industries, Greece’s foremost manufacturer of specialised military and civilian vehicles, is investing €40 million to expand and modernise its defence manufacturing capabilities while creating approximately 300 new jobs at its Sindos facility.
The investment will strengthen ELVO’s existing military vehicle production while expanding the company’s capabilities to manufacture additional defence systems and conduct R&D, as well as incorporate SK Group know-how and technologies into ELVO’s systems portfolio, including Unmanned Aerial Systems (UAS) and anti-drone systems.
The programme will modernise and increase ELVO’s core military vehicle production capacity while establishing new capabilities in emerging defence technologies. These investments will enable ELVO to meet the operational requirements of the Hellenic market, position the company to pursue growing export opportunities across international defence markets and become a major defence hub.
A key impact of the investment will be its contribution to employment and economic development in Northern Greece. ELVO has already begun recruiting for new positions, with approximately 300 new jobs expected to be created at its Sindos facility across specialised engineering, technical manufacturing and operational roles.
Beyond direct employment, the expansion is expected to strengthen the broader regional business ecosystem by creating opportunities for regional industrial partners and service providers, generating supply-chain synergies and supporting additional indirect economic activity throughout the region.
The €40 million investment builds on the momentum created since ELVO’s acquisition by SK Group, which has already invested more than €20 million to restructure the company, upgrade its facilities and streamline production workflows.
Implementation is already underway, with the projects being carried out in phases across ELVO’s industrial complex in Sindos. The investment will transform ELVO into a defence technology hub for Southern Europe, combining expanded military vehicle production with new capabilities in unmanned and autonomous systems while creating significant employment opportunities and supporting economic growth in the region.
“We believe that Greece has the talent, industrial foundation and strategic position to become a leading force in the next generation of European defence manufacturing and our commitment to ELVO reflects our long-term vision for Greece – investing in its people, its industrial capabilities and its future,” said ELVO General Manager Antonis Vetezakis.
As part of SK Group, ELVO brings proven experience in sophisticated defence systems manufacturing and R&D, including the complex transfer and implementation of technologies and know-how. Its capabilities extend beyond subcontracting or component manufacturing to integrating and producing complete defence systems, as well as successfully implementing new technologies.
In the defence sector, where quality, consistency and technical expertise are essential, this experience provides a strong foundation for ELVO’s continued expansion into advanced defence manufacturing and technology.
