Latest news with #CzechoslovakGroup
Yahoo
3 days ago
- Business
- Yahoo
Czech company completes construction of projectile production line in Ukraine
Czech defence giant Czechoslovak Group has almost completed the construction of an artillery projectile production line in Ukraine. Source: Ukrainian military news outlet Militarnyi Details: The Czechoslovak Group will soon complete the construction of a production line to manufacture 155 mm artillery projectiles as part of a joint project with the Ukrainian government. "The production site is at the final stage of preparation for launch, but we cannot announce a specific date at this time," the company's representatives said at a briefing at the Czechoslovak Group headquarters. Militarnyi reports that the company will produce the main range of ammunition included in the Czechoslovak Group's production offer. The Czech company is solely responsible for preparing the production line, while the Ukrainian side is responsible for all other organisational processes. In addition, the briefing stressed that the company will be located in an area with a low risk of missile attacks, which will ensure stable and uninterrupted production in the future. The briefing also revealed the types of ammunition that will be produced in Ukraine under the license. These are 155-mm artillery rounds M107, 155-mm artillery rounds L15 of increased power and 155-mm long-range artillery round HE ER-BT/BB MKM/VMK. Additionally, 105-mm high explosive incendiary artillery rounds M1 NE and 120-mm tank rounds of an unspecified type will be produced as well. Background: Ukrainian Armour signed a package of documents on cooperation with the Czech holding Czechoslovak Group (CSG) in October 2024. One agreement concerns the supply of components, and the other concerns the licensing of ammunition production (transfer of technology and documentation for the production of artillery rounds). "We plan to produce and supply about 100,000 rounds of ammunition next year and more than 300,000 in 2026. The equipment preparation process has already started," said Vladyslav Belbas, CEO of Ukrainian Armour. Czechoslovak Group AS reported record sales and profitability for last year as the war in Ukraine boosted demand for heavy ammunition and combat vehicles manufactured by the Prague-based company. Revenue jumped 71% to €1.73 billion (about US$1.9 billion), said the defence conglomerate known as CSG, owned by Czech billionaire Michal Strnad. Earnings before interest, taxes, depreciation and amortisation rose 130% to €439 million. Support Ukrainska Pravda on Patreon!
Fibre2Fashion
12-05-2025
- Business
- Fibre2Fashion
IFF sells German nitrocellulose business to Czechoslovak Group
IFF (NYSE: IFF) announced that it has completed the divestiture of its nitrocellulose business, including Walsrode Industrial Park in lower Saxony, Germany, to Czechoslovak Group (CSG). The business manufactures nitrocellulose strictly for industrial purposes, serving customers primarily in coatings and printing inks, and had been part of IFF's Pharma Solutions business unit. International Flavors & Fragrances (IFF) has completed the sale of its nitrocellulose business, including the Walsrode Industrial Park in Germany, to Czechoslovak Group (CSG). The unit, part of IFF's Pharma Solutions, served coatings and printing inks sectors. CEO Erik Fyrwald said the move supports IFF's deleveraging strategy and focus on core operations. 'The divestiture of our nitrocellulose business builds upon our deleveraging journey and enables us to focus on our core businesses,' said Erik Fyrwald, IFF CEO. 'I'd like to thank our nitrocellulose colleagues for their dedication and wish them continued success as part of CSG.' Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Bloomberg
08-05-2025
- Business
- Bloomberg
Arms Maker Triples Fortune to $16 Billion as Europe Buys Shells
Weapons maker Michal Strnad likes to say he works in the business of defense. As Europe re-arms on a massive scale, it's proving a lucrative place to be. His closely-held Czechoslovak Group AS, which started out trading Soviet military material under his father three decades ago, has tripled in value in the past two years, according to the Bloomberg Billionaires Index. That's sent his fortune soaring to about $16 billion, catapulting him into the ranks of the richest 30 Europeans and rivaling Renata Kellnerova as the Czech Republic's wealthiest person.
Bloomberg
04-04-2025
- Business
- Bloomberg
Czech Billionaire Expands His Weapons Company to Arm NATO
By and Andrea Dudik Save Hi, this is Krystof Chamonikolas and Andrea Dudik in Prague. Welcome to our weekly newsletter on what's shaping economics and investments from the Baltic Sea to the Balkans. You can subscribe here. One of the biggest investment themes of the year has been defense companies as Europe comes up with plans to spend billions of euros on new military hardware and rely less on an increasingly unpredictable US. And with that, Czech billionaire Michal Strnad wants to turn his Czechoslovak Group, or CSG, into one of the continent's most significant arms producers.
