Long-term investment commitment with EAS in Lavrio
The Hellenic Ammunition S.A. joint venture is now poised to move into its next phase following its establishment. The company is owned 51% by Hellenic Defence Systems (EAS) and 49% by the Czech-based Czechoslovak Group (CSG), through its subsidiary MSM Greece.
As David Chour, COO and Member of the Board of Directors of CSG Group, told Naftemporiki, “Hellenic Ammunition S.A. is expected to employ around 300 people by the end of the year at its Lavrio facilities. The project has been designed as a multi-year industrial restart and expansion programme centred on the site’s infrastructure. The primary objective is the gradual restoration of large-calibre ammunition production in Greece, following years of underutilisation of existing facilities. This includes substantial investments—50 million euros from CSG Group and 33 million euros from the ASAP (Act Support Ammunition Production) program. A particularly strategic component of the plan is the resumption of explosives and TNT production in Lavrio, addressing one of the most critical bottlenecks currently facing the European defence industry.”
According to Chour, “the investment goes beyond a single production line and includes the development of intermediate products and supporting processes, with the aim of creating a resilient and vertically integrated industrial base within Europe. The long-term objective of the partnership is to build a sustainable and competitive defence-industrial platform in Greece, contributing meaningfully to Europe’s security of supply and strengthening Greece’s role as an active participant in collective European defence efforts, rather than one driven solely by demand.”
EAS, CSG and a pan-European strategy
The partnership forms part of a broader pan-European strategy. The Lavrio project enhances CSG’s multinational production footprint and reinforces its role as a supplier within European and NATO defence ecosystems. As such, the collaboration should not be viewed narrowly as a bilateral initiative, but rather as part of a wider European industrial network.
CSG was recently listed on the Amsterdam Stock Exchange, raising significant capital. In this context, Greece—and in particular Hellenic Defence Systems (EAS)—clearly forms part of CSG’s strategic outlook. The establishment of the Lavrio joint venture, coupled with a long-term investment commitment and an operational horizon spanning decades, underscores that this is not an opportunistic engagement. Rather, it reflects a deliberate decision to position EAS and Lavrio as a strategic industrial platform, provided that the partnership is underpinned by transparent governance and decision-making, long-term planning, and a shared commitment to competitiveness and export-oriented production.
Outlook
CSG’s COO emphasised that there is clear potential for further expansion of defence-industrial cooperation. However, such expansion should not be viewed narrowly while it remains conditional on specific factors. These include stable and predictable procurement planning, regulatory clarity, and the ability to align national projects with European instruments supporting joint production and financing.
Greece’s defence ecosystem is of particular interest due to its geopolitical position, skilled human capital, and existing industrial base. Nevertheless, CSG’s preference is to participate through joint ventures and long-term operational frameworks that enable gradual modernisation and capability enhancement. Any future acquisitions in Greece will be assessed strictly on industrial and strategic criteria, including export potential, technological relevance, transparent governance, and alignment with European defence priorities.
