A steady expansion of the hub is underway, with plans foreseeing a total of six factories in the near future, creating a unified production base that enhances Greece’s role within the European defence value chain.
This development comes at a time when the European defence industry is undergoing a comprehensive reshaping, with rising demand for new production lines, strategic partnerships, and technological self-sufficiency. Within this environment, M Technologies is accelerating investments and international collaborations, strengthening Greece’s position on the defence landscape.
From the two factories that operated in Volos until recently, M Technologies has already expanded to five production units, while the design phase for a sixth facility is in an advanced stage. The company’s growth strategy is built upon three pillars:
• Strengthening the core business (Grow Core): increasing international sales, expanding the order book, and capitalizing on the country’s 12-year defence procurement programme.
• Expansion into adjacent sectors (Expand in Adjacent Areas): MRO activities, new vehicles for the Hellenic Army, and targeted partnerships and acquisitions, most notably the agreement with Iveco.
• Entry into new technological domains.
The total investment plan amounts to €150–180 million, aimed at the full development of all units and a significant increase in EBITDA, which is projected to reach €130–170 million in the medium term.
A central component of the development plan is the final investment decision for the new, fourth factory within the Volos hub. This 10,000-square-metre facility, with a budget of €50 million, will focus on the production of heavy metal components for modern weapons systems such as the Leopard 2A8.
The plant is expected to become operational in the first half of 2027, creating 200–250 new jobs. In total, the METLEN Technologies Hub is projected to employ approximately 1,000 workers and technicians, transforming Volos into one of the most significant defence-production centres in the Eastern Mediterranean.
Shift Toward Greek Know-How
M Technologies represents the evolution of the company’s former Defence division, marking a shift in philosophy—from subcontracted manufacturing to the development of domestic technology and Greek-made defence products. As Evangelos Mytilineos has emphasized, the objective is the substantive revival and strengthening of Greece’s defence industrial base.
The Volos hub operates as an integrated production ecosystem, featuring specialized production lines, support services, and certification infrastructure. This allows the company to develop vertically integrated capabilities that were until recently absent from the Greek defence sector.
International partnerships play a pivotal role within this new industrial ecosystem:
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With Iveco Defence Vehicles, for the renewal of the military vehicle fleet.
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With KNDS, enhancing M Technologies’ participation in European tank and critical-component programmes.
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With the parallel development of UAS and anti-UAS technologies, leveraging European funding instruments.
State support was also underscored by Prime Minister Kyriakos Mitsotakis’ recent visit to the Volos facilities, where he was briefed on project progress and committed to attending the inauguration of the fully developed hub in 2026.
At the European level, the activation of new industrial capacities has become essential, as Europe strives to enhance its autonomy and technological capabilities in the defence sector. M Technologies aims to become a key node within this emerging architecture.
