Tel Aviv / Athens: Israel Aerospace Industries May 9 signed a deal to acquire Intracom Defense (IDE), Greece’s leading technology defense company. IDE specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, hybrid generation, and more.
The company is active in Greece and other NATO countries and has defense collaborations with leading companies in the United States and Europe. IDE as a Greek entity will be integrated into IAI’s business activities in Greece and Europe, while providing solutions to the challenges faced by the continent’s countries.
After the current acquisition, the company’s Greek customers will continue to benefit from the company’s independence, as well as a larger and more widely deployed range of services for new markets.
Israel Aerospace Industries conducts a wide range of collaborative activities throughout Europe, supplying advanced and operationally-proven systems for marine, land, air, and space use. Following the acquisition, IAI’s customers will benefit from the possibility of local production and maintenance on the European continent and from the wide product portfolio that IAI can supply. This includes the most advanced air defense systems which are in great demand through the world. Greece will enjoy the advantages of local industry involvement in upcoming Greek projects in worldwide defense-related procurement programs, and in the positioning of the Greek company as a leader in its field.
IAI’s CEO, Boaz Levy commented, “The acquisition of Intracom Defense adds strength to IAI’s business capabilities in Greece, and in Europe as a whole. The acquisition of IDE will strengthen and widen activities in Greece, and among NATO countries, and help in promoting wide range of solutions that the company can provide. In view of increasing defense needs across Europe, and in response to the ever-increasing demand for air-defense and UAVs systems– in which IAI is a recognized world- leader. Israel Aerospace Industries and IDE share a common vision deriving from our uncompromising business desire for the highest-quality solutions, and have thus cooperated on more than one occasion over the last few years.”
Chairman of Intracom Holdings, Socratis Kokkalis said, “This deal today reflects the acknowledgment in the excellent capabilities of a special Greek industry – IDE as an internationally recognized company. IDE success is an outcome of 40 years of investment of both capital and human efforts with perseverance and against all odds. We are proud
today to take part enhancing the Greek defense industries and overall relations between Greece and Israel.”
-The writer is an Israel-based freelance journalist. The views expressed are of the writer and do not necessarily reflect the views of Raksha Anirveda
