News ELVO was finally transferred to the Israeli PLASAN by the Greek Ministry of Finance


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The Hellenic Vehicle Industry (ELVO) can be a pillar of development for Northern Greece , but also for the national economy as a whole, as well as a support pole for the local community, by creating many new jobs. This was stated by the Minister of Finance, Christos Staikouras , on the occasion of the signing of the transfer of ELVO to the new shareholders , after several years of ineffective procedures.

The entire statement of Mr. Staikouras: "After many years of ineffective procedures, the contract for the transfer of the Hellenic Vehicle Industry (ELVO) to the new shareholders was signed . This completes, successfully, a long and difficult process. It is recalled that ELVO, a company with a long history in the field of vehicle construction , had been put into special liquidation since 2014.

In the period that followed, carried out without result, two public bidding, each Aprilio of 2017 and one in August of 2017. While the Fevrouario of 2019 still held a contest, free negotiation, but neither was unsuccessful. In March 2020 , the special liquidator again proceeded with a public invitation to conduct the tender for the sale of the company's core assets, with free trading. As a condition of the competition, due to the field of activity of the company, reserved to the State the right to participate in the new company at a rate of 21% .

In less than a year, we left behind us six years of relapses and fruitless processes and ELVO today turns the page. We did it! Now, the company can be a pillar of growth for Northern Greece , but also for the national economy as a whole, as well as a support pole of the local community, by creating many new jobs ".


Who is the new owner?
The SK Group and Plasan consortium of Israeli interests is the new owner of ELVO with the acquisition of the Greek Vehicle Industry and is managed by Samy Katsav (SK Group) and Dani Ziv (Plasan) who will jointly control up to 79% of the new ELVO.
Greek businessman Aristides Glinis will most likely be the head of the Greek company and once the proposal is approved, the investors will undertake to set up the new company within 3 months.

A major goal of Israeli businessmen is to obtain a European and NATO "passport" for their products so that they can be exported more successfully to the international market.

The new categories of vehicles that will be built by the new ELVO according to information will be three and will include military vehicles , special type vehicles and civilian vehicles . However, other products may be included such as portable armament, added vehicle shielding systems and electro-optical equipment.

This is very likely as Samy Katsav controls the Israeli Weapons Indusries (IWI), Meprolight Ltd. through the Samy Group . , Israel Shipyards Ltd. and Uni-Scope Optical .

Israeli Plasan is already building two vehicles, the Guarder and the SandCat .

The Guarder is an armored bus for police repression forces , which is based on the chassis of the German MAN SE (4X4) with a capacity of 25 men. The SandCat is an armored vehicle with a capacity of four or five men, based on the chassis of the American Ford F-350 and F-550 civilian trucks .

The vehicles are shielded with composite armor that combines layers of metal, plastic and ceramic material, as well as air gaps. The largest client seems to be the Mexican police with 125 units, followed by countries such as Kazakhstan, Colombia and Nigeria with 25-30 units each.

The specific vehicles can be used by the Greek Police but also by the Greek Army, especially now that the replacement of 10,000 Mercedes and Steyr vehicles has been announced . In fact, if
the new company wins and their replacement contract, the revenues of the new ELVO will be thick for at least a decade .

The assets

The ELVO was founded in 1976 as Steyr Hellas SA , to produce and supply goods vehicles, agricultural tractors and stationary engines. The products were assembled with a small Greek participation that was gradually increasing.
The Steyr Hellas assembled and APC "Leonidas" HS. In 1986 the Austrian Steyr left and its share was taken over by the Greek State. Since then the company was named ELVO . In 2000 43% of the company and the management came to Mytilineos , which left in 2010. In 2014 ELVO came into liquidation.

The assets claimed by the consortium are three plots of land with an area of over 270,000 sq.m. in the Industrial Area of Sindos , building facilities in the Sindos Industrial Zone , equipment and intellectual and industrial property rights, such as the trademark and distinctive title " ELVO " and any other industrial and intellectual property rights, such as know-how, designs, IT licenses and patents if the company secures it.


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