Czech Billionaire Wants to Create Europe’s Defense Giant
Michal Strnad said he’s looking at more acquisitions after sales at his company CSG surged because of the war in Ukraine.
An armored vehicle at the Czechoslovak Group stand at an international fair in Brno, Czech Republic, in May.
Photographer: Milan Jaros/BloombergThe Czech billionaire said to be planning a €3 billion ($3.5 billion) share sale in his defense company wants to turn the armored vehicle and ammunitions maker into the industry leader in Europe.
In a rare interview, Michal Strnad said he expects Czechoslovak Group AS to grow in all areas of the business and will “definitely” be looking for acquisitions in unmanned aerial vehicles or drones. Under his leadership, CSG has increased profitability as Europe ramped up military spending and sent arms to Ukraine.