Israel’s State Defense Firm Expands Europe Reach With Greek Deal
Israel’s defense industry is expanding its reach in the European market with the acquisition of a leading Greek company.
State-owned defense company Israel Aerospace Industries (IAI) has signed a deal to acquire INTRACOM DEFENSE (IDE) for an undisclosed sum.
With the acquisition, IAI will be able to manufacture its defense systems at a local production site in Europe, benefiting its customers in the continent to whom it supplies advanced systems for marine, land, air, and space use.
It also opens up collaboration opportunities with other nations, as IDE is active in NATO countries and has defense partnerships with leading companies in the US and Europe.
IDE specializes in producing missile launches and subsystems, land and sea tactical communications. Its customers will be able to enjoy a wider range of services following the acquisition.
“The acquisition of INTRACOM DEFENSE strengthens IAI’s business capabilities in Greece, and in Europe as a whole,” said IAI CEO Boaz Levy.
“The acquisition of IDE will strengthen and widen activities in Greece, and among NATO countries, and help in promoting a 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 (unmanned aerial vehicle) systems– in which IAI is a recognized world-leader,” he said.
Socratis Kokkalis, the chairman of IDE’s parent company Intracom Holdings, said: “This deal today reflects the acknowledgment of the excellent capabilities of a special Greek industry [and] IDE as an internationally recognized company.
He attributed IDE’s success to “40 years of investment of both capital and human efforts with perseverance and against all odds. We are proud today to take part in enhancing the Greek defense industries and overall relations between Greece and Israel.”