Israeli venture set to land Hellenic Vehicle Industry

The local market is taking for granted the acquisition of the Hellenic Vehicle Industry (ELVO) by the consortium of SK Group with Plasan, as it was the sole bidder in the process.

The consortium is an Israeli venture led by Samy Katsav (of the SK Group) and Plasan Chief Executive Officer Dani Ziv, who will jointly control 90% of the new ELVO, as well as Greek entrepreneur Aristidis Glinis, who will likely head the Greek industry’s management.

The advent of the Israelis at the helm of the troubled Thessaloniki-based state industry appears to have also secured the green light from the state, which has a 51% stake in the company.