Latest news with #MichalStrnad
Yahoo
2 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!
Bloomberg
28-05-2025
- Business
- Bloomberg
Arms Billionaire Strnad Overtakes Kellnerova as Richest Czech
Michal Strnad, whose arms company started out selling decommissioned Soviet tanks and military gear, has overtaken Renata Kellnerova as the richest person in the Czech Republic. The 32-year-old tycoon's net worth is $17.1 billion after his wealth surged $7.9 billion this year, according to the Bloomberg Billionaires Index, making him also the richest person in Eastern Europe outside Russia. Kellnerova has a fortune of $16.8 billion.
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
03-04-2025
- Business
- Bloomberg
Arms Billionaire's Czechoslovak Group Profit Tripled Last Year
Czechoslovak Group AS, one of the biggest defense companies in Europe, said its profit tripled last year as it ramped up supplies of equipment to Ukraine and NATO countries. Net income was a record €526.1 million ($576 million), a 202% increase over a year earlier, the company owned by Czech billionaire Michal Strnad said on its website on Thursday.
