Czech arms maker CSG chief eyes place on global stage

Michal Strnad, Chairman and owner of Czechoslovak Group, poses for a photo at the company's headquarters after an interview with Reuters in Prague, Czech Republic, December 1, 2022. REUTERS/Jan Lopatka/File PhotoPRAGUE, April 14 -

The privately-held company, which employs more than 10,000 workers at 37 sites in Europe and the United States, has made a $1.91 billion all-cash offer for Kinetic Group, formerly known as the Sporting Products, which includes its ammunition production business. "There is big space to improve efficiency and invest into automation, new production lines and machines," said Strnad, who sees the deal giving the Czech company entry into the market for government contracts in the United States and elsewhere.Strnad's father Jaroslav started the business in the 1990s after the Cold War, buying Soviet-era military equipment, initially meant for scrapping.

The fast growth under Strnad accelerated in 2022 following Russia's invasion of Ukraine because the company was able to supply refurbished Soviet-era tanks as well as new equipment, and quickly ramped up shell production. "We would like to grow in all of our divisions in the group," said Strnad who said targets in the defence industry had big premiums these days. "In each group there are small or bigger acquisitions. Some are vertical while some are buying competitors.

Strnad said CSG also planned to restart and idle gun powder and nitrocellulose production line at an Italian factory, in cooperation with the Italian government, to address what he called a huge bottleneck for European ammunition makers.

Source: News Formal (newsformal.com)

CFOCUS AER AERO ANLINS ARMAMM BACT BISV BISV08 BIZ CMPNY CPROD CYCP CYCP08 CYCS CYCS08 DEF DEFBUY ECI ECO EU FIN FINS FINS08 GEN HOBY08 INDG INDG08 INDS INDS08 INTAG INVBIS INVM INVS08 KMOVE LEIS MCE POL PUBL PVE RECPR RECPR1 XPAND CEEU AMERS US EUROP CZ NAMER EMEA EMRG EEU PACKAGE:US-TOP-NEWS

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