IAI has acquired Greek Intracom Defense
14 May, 2023
IDE collaborates with leading defense companies such as Raytheon, Northrop Grumman and Rheinmetall. IAI plans to integrate IDE into its business activities in Greece and in Europe
photo above: Intracom Defense’ SMT production floor at Attica, Greece
Israel Aerospce Industries (IAI) have signed last week a deal to acquire Intracom Defense (IDE), Greece’s leading technology defense company. IDE specializes in the production of missile launchers, missile subsystems, land and sea tactical communications, hybrid generation, and more. The company is active in Greece and other NATO countries and has defense collaborations with leading defense companies such as Raytheon, Northrop Grumman, Rheinmetall Defense Electronics and more.
According to the Greek news service Ekathimeri, IAI will get 90.91% of IDE for approximately 60 million euros. The deal is expected to be completed by the second quarter of 2023. IAI plans to integrate IDE into its business activities in Greece and Europe. IAI’s CEO, Boaz Levy, said: “The acquisition of IDE will strengthen and widen IAIA’s activities in Greece and among NATO countries. In view of increasing defense needs across Europe, and in response to the ever-increasing demand for air-defense and UAV’s systems.”
The deal provide IAI with a strong foothold in the European defense market. IDE designs, manufactures and support defense systems in use by the Greek army and other NATO member states. It is taking part in the Hellenic Patriot Program where IDE manufactures the systems’ electronic systems and is the only non-US based manufacturer of these systems. In cooperation with German-based DIEHL Defence IDE produce crucial electronics components of the Ground Based Air Defence System IRIS-T-SLM (Surface launched Medium Range).
The company sales in fiscal year 2022, amounted to € 66.5 million vs. € 59.7 million in fiscal year 2021 increased by 11,6%. Its backlog agreements reached € 87 million. In December 2022, IDE announced two major wins: A 14.2 million Euros order for the production of electronic missile components of the IRIS-T family of missile systems produced by Diehl Defence, and a new 10.1 million Euros contract award by Raytheon Technologies for the production of electronic missile components. The new contracts signed in 2022 totaled € 57,3 million EUR.
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