Hellenic Vehicle Industry privatization – The last installment was paid 6 months earlier

Six months earlier than provided in the agreement with the Greek State, the third and last installment of the total amount of the acquisition of Hellenic Vehicle Industry by the SK Group – Plasan – Glyni 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 immediate transition of the company to the next stage of active presence in Greece and abroad,” said the Chairman of the Board, Mrs. Orly Katsav.

Since February 2021, when the Hellenic Vehicle Industry 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 operation of the factory in Sindos has already begun.

“As early as July and 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 the Hellenic Vehicle Industry, utilizing the experience and specialization of the consortium. We are moving forward with steady and studied moves in the claim by the Hellenic Vehicle Industry of a leading role 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 share capital of the company, participating in the benefits of the development course of the new ELVO.