Israel Aerospace Industries (IAI) today signed a deal to acquire Greek technology defense company Intracom Defense (IDE). IDE specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, hybrid generation, and more. No financial details were disclosed.
IDE is active in Greece and other NATO countries and has defense collaborations 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 continent’s countries. IAI said that after the current acquisition, the company’s Greek customers will continue to benefit from the company’s independence, as well as a larger and more widely deployed range of services for new markets.
IAI conducts a wide range of collaborative activities throughout Europe, supplying advanced and operationally-proven systems for marine, land, air, and space use. Following the acquisition, IAI’s customers will benefit from the option of local production and maintenance in Europe and from the wide product portfolio that IAI can supply. This includes the most advanced air defense systems which are in great demand worldwide. Greece will enjoy the advantages of local industry involvement in future Greek projects in worldwide defense-related procurement programs, and in the positioning of the Greek company as a leader in its field.
IAI CEO, Boaz Levy 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."
Intracom Holdings chairman Socratis Kokkalis added, "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."
Published by Globes, Israel business news - en.globes.co.il - on May 9, 2023.
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