Greek military vehicle manufacturer ELVO is investing €40 million ($46 million) to expand and modernize its defense manufacturing operations in northern Greece, with plans to increase production capabilities for drones and other advanced defense systems.
The investment will upgrade ELVO’s existing facility in Sindos, strengthening its ability to manufacture military vehicles and integrate emerging defense technologies. The company said the expansion will also incorporate expertise and technologies from its parent company, SK Group, including capabilities related to unmanned aerial systems and drones.
The project is expected to create approximately 300 new jobs, covering engineering, technical manufacturing, and operational roles. It is also anticipated to generate additional business opportunities throughout the regional defense supply chain.
Greek Defense Industry Expands Manufacturing
ELVO’s investment comes amid a broader expansion of Greece’s defense manufacturing sector as local companies seek to meet rising demand for military equipment and advanced technologies.
In August, AeroVironment announced plans to establish a joint venture in Greece to locally manufacture drones, loitering munitions, and counter-drone systems for European customers.
Meanwhile, METLEN inaugurated its fourth production unit in June, while plans for a sixth factory were added to its expanding industrial complex earlier this year. Once completed, the facility is expected to comprise six factories supporting multiple defense programs.
Earlier in May, Rheinmetall signed a memorandum of understanding with ELVO covering the assembly of military trucks and specialized defense systems for the Hellenic Armed Forces.
Together, these developments highlight Greece’s growing efforts to expand domestic defense production, attract international technology partnerships, and strengthen its position within the European defense industrial supply chain.
