SK Group has acquired full takeover of ELBO, Greece’s leading manufacturer of military and civilian vehicles, after purchasing the remaining shares in the company. The move makes the Israeli defense and technology group the sole owner of the Thessaloniki-based corporation, where it had previously held a stake.
The acquisition marks a major step in SK Group’s long-term plans in Greece. Company officials stated that the deal strengthens the local industry, promotes innovation, and supports economic growth. It also secures a foothold in the European market, as ELBO becomes SK Group’s first operational base on the continent.
Building a European hub
ELBO is best known for its expertise in armored vehicle production. With its advanced facilities and long-standing defense legacy, the company provides SK Group with an established platform to serve both Greece’s domestic needs and new international markets.
SK Group stated that it plans to leverage its defense expertise and proven track record of revitalizing industrial plants to enhance ELBO’s operations. The group intends to focus on technology transfer and advanced production methods to turn ELBO into a leading hub for vehicle manufacturing and exports.
Legacy in Greek defense
ELBO has been central to Greece’s defense industry for decades. The company built the Leonidas armored personnel carriers and the Mercedes-Benz G-Class jeeps (G-Wagen W462 ELBO 1988–2005) , both of which remain in service with the Hellenic Army. It also became known for its production of Steyr trucks, as well as specialized vehicles and buses for civil protection and public services.
Another key asset in its portfolio is its certified production and assembly line for Leopard 2 HEL tanks, a capability regarded as strategically important given Greece’s extensive fleet of armored vehicles.
ELBO has worked as a trusted partner of the Greek Army and state authorities for over half a century. Its reputation rests on consistent production and assembly capabilities across military, civilian, and special-use vehicles.
Leadership statement
Ronen Hamudot, Vice Chairman of SK Group, said the investment reflects both strategic growth and a commitment to Greece.
“Acquiring full ownership of ELBO marks a significant milestone in our strategic growth plans and deepens ties with Greece,” Hamudot said.
“We see tremendous potential in ELBO’s infrastructure and legacy, and we are committed to transforming it into a leading global hub for production and export. This investment reflects our long-term vision to strengthen Greece’s defense industry and expand SK Group’s operational footprint in Europe as a global leader in the land defense sector.”
Opposition criticism
Not everyone welcomed the acquisition. Greece’s left-wing New Left party condemned the deal, calling it a “sell-out” of strategic national industry. In a statement, the party accused Prime Minister Kyriakos Mitsotakis’ government of aligning too closely with Israel during the war in Gaza.
“It is not a simple sell-out, but another act of complicity of the (Kyriakos) Mitsotakis regime with the genocide in Palestine,” the party said. It argued that transferring ELBO to foreign ownership undermines Greece’s security and weakens its technological independence.
The statement added that the sale is part of a broader pattern of privatizing critical public assets, warning that surrendering control of Greece’s most important defense manufacturer is “nationally detrimental.”
Looking ahead
With the deal finalized, SK Group is set to expand its presence in Europe while reinforcing Greece’s defense sector. But the strong opposition response highlights how the sale also stirs political debate over national security, sovereignty, and Greece’s ties with Israel.
