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.
As a Greek company, IDE will be merged into IAI’s business operations in Europe and Greece, and will offer solutions to address the challenges confronted by European nations.
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.
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