Greek Opposition Slams Sale of Local Military Vehicle Developer to Israel’s SK Group

A Greek opposition party has condemned the sale of a domestic defense contractor to Israel’s SK Group, which owns Israeli Military Industries and Israeli Shipyards.

The New Left party warned that ELVO’s sale to the Israeli holding company represents yet another surrender of critical public infrastructure and strategic industries, Anadolu Ajansı reported.

Thessaloniki-based ELVO, also known as Hellenic Vehicle Industry, has spent nearly 50 years building tactical and specialized military vehicles, heavy-duty trucks, and armored systems, mostly under license, for Greece’s armed forces.

Its lineup includes the Leonidas armored personnel carrier, Mercedes-Benz G-Class jeeps, Steyr trucks, and Leopard 2 main battle tanks.

More Than ‘Simple Sell-Out’

New Left emphasized that the acquisition was “not a simple sell-out” and accused Greek Prime Minister Kyriakos Mitsotakis’ administration of siding with Israel in its war with Gaza.

“At the time of the genocide, the Mitsotakis government, is tying the country to Israel’s chariot, proceeding with a nationally detrimental choice that gives away critical sectors on terms of servitude,” Anadolu Ajansı quoted the party.

“The loss of the most important Greek defense industry to foreign hands undermines the country’s national security and technological self-sufficiency.”

Leveraging Legacy

SK Group, a former shareholder in ELVO, said in the takeover announcement that the move reflects a commitment to Greece’s defense industry, technological innovation, and economic growth.

The company plans to leverage its defense expertise, track record in revitalizing privatized factories, and focus on technology transfer to transform ELVO into a leading production and export hub.

The acquisition will also mark SK Group’s first operational base in Europe and reinforce its position as a major player in the global military and commercial vehicle sector.