Today, it was announced that Israel Aerospace Industries (IAI) has entered into an agreement to acquire Intracom Defense (IDE), a technology defence company located in Greece. IDE is known for its expertise in developing and manufacturing missile launchers, missile subsystems, land and sea tactical communications, hybrid generation, and other related products. Unfortunately, no specifics regarding the financial terms of the deal have been disclosed at this time.
IDE is active in Greece and other NATO countries and has defence 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 would continue to benefit from the company’s independence, as well as a more extensive and widely deployed range of services for new markets.
IAI conducts various collaborative activities throughout Europe, supplying advanced and operationally-proven systems for marine, land, air, and space use. After the acquisition, IAI’s customers will benefit from the option of local production and maintenance in Europe and the wide product portfolio that IAI can supply. This includes the most advanced air defence systems in great demand worldwide. Greece will enjoy the advantages of local industry involvement in future Greek projects in worldwide defence-related procurement programs and in positioning 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 of the excellent capabilities of a special Greek industry - IDE as an internationally recognized company. IDE's 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 in enhancing the Greek defence industries and overall relations between Greece and Israel."
