Israel Aerospace Industries (IAI) signed a deal on Tuesday to acquire Greek technology defense company Intracom Defense (IDE).
The newly acquired Greek company specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, hybrid generation, and more.
IDE is active in Greece and other NATO countries and has defense collaborations with leading companies in the United States and Europe.
The newly acquired company 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 in a statement that 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.
The acquisition will enable IAI customers to benefit from the possibility of local production and maintenance on the European continent and from the wide product portfolio that IAI can supply.
Greece will benefit with local industry involvement in worldwide defense-related procurement programs.
“The acquisition of Intracom Defense strengthens IAI’s business capabilities in Greece, and in Europe as a whole,” said IAI’s CEO, Boaz Levy.
“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,” Levy added.
IAI and IDE have cooperated on more than one occasion over the last few years, the company said.
“This deal today reflects the acknowledgment in the excellent capabilities of a special Greek industry – IDE as an internationally recognized company,” said Intracom Holdings chairman Socratis Kokkalis.
“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.”