The Military Vehicle Industry (ELVO), which is located in the Sindos Industrial Zone in Thessaloniki and is one of the largest in Greece, was sold to the Israeli Plasan cooperative for 3 million Euros as a result of the auction held in September. While the Greek media reported that the Israeli company will take over ELVO in February, it was stated that the first installment of 1 million euro was paid yesterday. While the Israeli cooperative offers an investment plan of 95-135 million euros for the company, it is stated that the investment will take place over a period of 5 years.
HISTORICAL PROCESS OF ELVO
Greek Vehicle Industry SA was established in 1972 as Stagier Hellas SA to produce trucks, tractors and engines. Following the transfer of the Austrian subsidiary to the Greek State, the company was renamed Greek Vehicle Industry in 1986. In August 2000, after an international tender, 43 percent of its shares and management passed to ‘Mytilineos’. ELVO was put under a special liquidation regime in 2014.
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