Minister tours bus, military vehicle plant in Thessaloniki sold to Israeli consortium

Greece’s relevant development and investments minster toured the ELVO plant in Thessaoliniki on Wednesday, months after the majority stake and management of the one-time state-run manufacturer of buses and military vehicles was sold to a consortium headed by Israel’s Plasan.

Minister Adonis Georgiadis referred to a successful international tender to privatize the company, while noting that Plasan’s management has already begun to renovate the plant – located in Thessaloniki’s industrial park – and is proceeding with hirings and the development of a business plan.

“We also spoke with the CEO from Israel, and we believe this plant will boost the particularly significant cooperation Greece has with Israel, while at the same time creating a production line that will create jobs, exports and the transfer of know-how,” he said.

Control of ELVO, the acronym for Hellenic Vehicle Industry, was awarded late last year in an international tender to a venture comprised of the Israeli companies SK Group and Plasan, with the single-digit minority participation of a Thessaloniki-area businessman.

According to previous press reports in Greece, the Israeli consortium has pledged to invest between 95 and 135 million euros in the manufacturer over the next five years.