On Tuesday, Israel Aerospace Industries (IAI) made an agreement to purchase Intracom Defense (IDE), a Greek technology defense company. IAI is completely state-owned by the government of Israel.
IDE has expertise in creating missile launchers, missile subsystems, tactical communication systems for land and sea, hybrid generation, and other related fields. The financial specifics of the acquisition were not disclosed.
IDE operates in Greece as well as other NATO countries, and has established defense partnerships with prominent companies in Europe and the United States.
Israel Aerospace Industries acquires Greek defense company
The Israeli state-owned company commented that IDE’s Greek defence customers will still enjoy the benefits of the company’s independence, and additionally, will have access to a wider range of services that will be available in new markets, following the completion of the acquisition.
IAI engages in a broad spectrum of collaborative endeavors across Europe, delivering advanced and well-tested systems for utilization in marine, land, air, and space domains.
The company commented that customers may opt for local production and maintenance in Europe. The acquisition will reportedly position Greece to play an important role in upcoming defense-related procurement programs around the world. Greece will benefit from the involvement of local industry, and there are ambitions to establish the Greek company as a leader in its field.
Comments on the acquisition
Boaz Levy, the CEO of IAI said “The acquisition of Intracom Defense strengthens IAI’s business capabilities in Greece, and in Europe as a whole. 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 defense needs across Europe, and in response to the ever-increasing demand for air-defense and UAV’s systems- in which IAI is a recognized world-leader. Israel Aerospace Industries 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,” Levy continued.
Socratis Kokkalis, the chairman of Intracom Holdings, also spoke about the acquisition of the Greek defense company by Israel Aerospace Industries, saying “This deal today reflects the acknowledgment in the excellent capabilities of a special Greek industry – IDE as an internationally recognized company.”
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 defense industries and overall relations between Greece and Israel,” he concluded.