News & Events

Completion of the payment of the third redemption installment

Six months earlier than foreseen in the agreement with the Greek State, the third and last installment of the total amount of the acquisition of ELVO by the SK Group – Plasan – Glynis consortium was paid, completing the financial part of the process.

“The faster than expected payment of the last installment confirms the desire of the shareholders to complete all procedures and the immediate transition of the company to the next stage of active presence in Greece and abroad,” said the Chairwoman of the Board, Ms. Orly Katsav.

Since February 2021, when the Greek Vehicle Industries was transferred to the consortium, until today, the new management has invested in the remodeling and modernization of the facilities and in the design of new technologies in the fields of construction, upgrade, assembly, and repair of special purpose vehicles. At the same time, the process of hiring specialized staff to meet the growing needs of the factory’s operations in Sindos, has already begun.

“As early as July and during our presence in DEFEA, the company began to reposition itself in the market of military and civilian special purpose vehicles. In a short period of time, we achieved the gradual reactivation of ELVO, utilizing the experience and specialization of the consortium. We are moving forward with steady and thoughtful moves to secure that ELVO will take its rightful place as a leader in the issues of the industry internationally “added Mr. Dani Ziv, CEO of Plasan.

It is noted that in the framework of the agreement, the Greek State reserves the right to participate with a percentage of 21% in the equity structure of the company thus participating in the benefits of the development course of the new ELVO.