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Israel Aerospace Industries has acquired Greek defence company Intracom Defense in a bid to support local production and maintenance in Europe.
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Intracom will remain independent from the Israeli aerospace and aviation manufacturer, according to an IAI statement made on 9 May.
Intracom already has defence collaborations in the United States and Europe and specialises in the production of missile launchers and subsystems, land and sea tactical communications, hybrid generation, and defence technology.
IAI chief executive officer Boaz Levy said customers will benefit from the possibility of local production and maintenance on the European continent.
“The acquisition of Intracom Defense strength IAI’s business capabilities in Greece, and in Europe as a whole,” he said.
“The acquisition of IDE will strengthen and widen activities in Greece, and among NATO countries, and help in promoting wide range of solutions that the company can provide.
“In view of increasing defence needs across Europe, and in response to the ever-increasing demand for air defence and UAV’s systems.
“IAI and IDE share a common vision deriving from our uncompromising business desire for the highest quality solutions and have thus cooperated on more than one occasion over the last few years.”
Intracom Holdings chairman Socratis Kokkalis said Greece will continue to enjoy the advantages of local industry involvement in upcoming Greek projects in worldwide defence-related procurement programs.
“This deal today reflects the acknowledgment in the excellent capabilities of a special Greek industry,” he said.
“IDE success is an outcome of 40 years of investment of both capital and human efforts with perseverance and against all odds.
“We are proud today to take part enhancing the Greek defence industries and overall relations between Greece and Israel.”
Earlier this month, IAI signed an agreement with the Republic of Estonia for the procurement and delivery of advanced long-range loitering munitions in 2024.
The stealth air-launched munitions can be used to improve indirect fire capabilities alongside Estonian mortars, extended range artillery ammunition, anti-ship missiles, and multiple launch rocket systems.
“Long-range loitering munitions are an important addition to the development of Estonia’s defence capability,” Defence Minister Hanno Pevkur said.
“The importance of indirect fire cannot be overestimated, as Russia has caused much of the destruction in Ukraine through indirect fire.
“The introduction of this new capability allows us to attack the enemy from a longer distance. As a result, indirect fire becomes more layered and flexible, increasing the range of fire, which means that the defence forces can hit the enemy where it hurts.”
