The company was formally set up on Monday, with a share capital of €102 million. EAS holds a 51% stake and remains the majority shareholder, while the remaining 49% is owned by MSM EXPORT, giving the Slovak firm a significant minority position in the new entity.
EAS’s contribution to the share capital consists of both cash and assets, including receivables, production-line usage rights and other fixed assets. MSM EXPORT has participated through a capital contribution that secures it a meaningful role in the company’s ownership and governance structure. The joint venture reflects a broader effort to strengthen domestic ammunition and explosives production capacity through international partnerships.
The primary activity of Hellenic Ammunition S.A. will be the production of explosives. According to its articles of association, the company’s scope also includes the manufacture of gunpowder and prepared explosives, the production of weapons and ammunition and their components, as well as the provision of repair and maintenance services for weapons systems. In addition, the company is authorised to engage in the wholesale trade of weapons and ammunition and to act as an intermediary in their sale, covering a wide range of activities across the defence and industrial sectors.
The company’s board of directors was constituted on 2 February 2026, with a five-year mandate running until February 2031. Christoforos Emmanouil Boutsikakis was appointed chairman of the board, with joint authority to represent the company. Jiri Schonweitz assumed the roles of vice chairman and chief executive officer, also with joint signatory powers, and will be responsible for the company’s executive management and day-to-day operations. The board also includes Athanasios Tsiolkas, Dimitra Thomopoulou and Tomas Kaisr as non-executive members.
Despite the industrial and strategic ambitions of the new venture, questions have been raised about its environmental and operational implications. In particular, concerns focus on whether the activities of Hellenic Ammunition S.A. could place additional strain on the existing facilities of Hellenic Defence Systems in Lavrio. The site has long been identified as requiring urgent environmental remediation, and experts describe it as an “active gunpowder storage facility.” This classification has intensified concerns over the potential risks associated with expanding production activities at a location already burdened by legacy contamination and safety issues.
