Greece’s defense industry is gaining momentum, driven by rising European defense spending and new equipment programs. The Greek state continues to play a pivotal role—both directly through state-owned enterprises and indirectly via institutions, investment vehicles, and newly established innovation frameworks designed to strengthen the sector and align it more closely with technological advancement.
Enduring Public Presence Amid Privatization
Despite recent privatizations in sectors such as shipbuilding, the core of public involvement remains robust—primarily anchored by Hellenic Aerospace Industry (HAI) and Hellenic Defense Systems (HDS), alongside emerging institutions focused on defense technology development.
Hellenic Aerospace Industry (HAI)
HAI is Greece’s largest defense company under full state ownership and operates under the supervision of the Ministry of National Defense. Its core activities include maintenance, repair, and modernization of Hellenic Air Force aircraft and helicopters. It also participates in international aerospace production programs. In recent years, HAI has undertaken major projects—including the F-16 Viper upgrade program in collaboration with Lockheed Martin. The company is increasingly integrated into global aerospace supply chains and is being considered for an expanded role within European defense cooperation initiatives.
Hellenic Defense Systems (HDS)
Established in 2004 through the merger of PYRKAL and Hellenic Arms Industry, HDS remains under full public control. It specializes in the production of ammunition, explosives, and other weapon systems used by the Hellenic Armed Forces. The company is currently undergoing restructuring aimed at boosting production capacity and forging partnerships with European defense firms. The surge in European demand for ammunition following the war in Ukraine has opened new opportunities for HDS to reassert itself as an active player in the broader European defense industrial landscape.
Hellenic Vehicle Industry (ELVO)
ELVO, historically active in military vehicle manufacturing—including tactical trucks, armored vehicles, and specialized support platforms—now operates under private investment ownership. Nevertheless, its operations remain closely tied to the operational requirements of the Hellenic Armed Forces. Ongoing discussions are underway regarding ELVO’s potential participation in new domestic and multinational defense programs.