Israel Aerospace buys Greek co Intracom Defense

Israel Aerospace Industries (IAI) today signed a deal to acquire Greek defense technology company Intracom Defense (IDE). IDE specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, hybrid generation and more. He did not disclose financial details.

IDE is active in Greece and other NATO countries and has defense cooperation with leading companies in the US and Europe. IDE as a Greek entity will be integrated into IAI’s business activities in Greece and Europe, while providing solutions to the challenges faced by the countries of the continent. Following the current acquisition, IAI said, the company’s Greek clients will continue to benefit from the company’s independence, as well as a larger and more widespread range of services for new markets.

IAI conducts a wide range of collaborative activities across Europe, providing advanced and operationally proven systems for marine, land, air and space use. Following the acquisition, IAI customers will benefit from the option of local production and maintenance in Europe and from the wide range of products that IAI can provide. This includes the most advanced air defense systems that are in great demand all over the world. Greece will enjoy the benefits of local industry participating in future Greek projects in global defense-related procurement programmes, and in positioning the Greek company as a leader in its field.

IAI CEO Boaz Levy said, “The acquisition of Intracom Defense enhances IAI’s business capabilities in Greece, and in Europe as a whole. The acquisition of IDE will strengthen and expand activities in Greece, and between NATO countries, and help promote a broad range of solutions that The company can deliver.In light of growing defense needs across Europe, and in response to the ever-increasing demand for air defense systems and unmanned aircraft – IAI is a world leader.A shared vision derived from our relentless commercial desire for top-notch solutions Quality, and therefore we have cooperated on more than one occasion over the past few years.

Sokratis Kokkalis, Chairman of the Board of Directors of Intracom Holdings added: “Today’s transaction reflects the recognition of the excellent capabilities of a private Greek industry – IDE as an internationally recognized company. IDE’s success is the result of 40 years of investment in both capital and human efforts with perseverance and against all odds We are proud today to participate in the promotion of Greek defense industries and the overall relations between Greece and Israel.”

Published by Globes, Israel business news – en.globes.co.il – on May 9, 2023.

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