A T-72 main battle tank at the Excalibur Army factory in Sternberk, Czech Republic, on March 27.
Photographer: Michaela Nagyidaiova/BloombergArming Ukraine Turns Soviet Tank Refitter Into a Billionaire
Michal Strnad’s father started refurbishing combat vehicles in the 1990s. Now the son is making a fortune because of the war in Ukraine.
The run-down factory on the edge of the Czech medieval town of Sternberk used to fix up military vehicles abandoned by the Nazis after World War II. Now it’s part of a compound churning out hardware for Europe’s latest conflict, and has made a billionaire out of its owner.
Excalibur Army takes rusting Soviet-era tanks — often with mud and grass on them — and refits them for action. Since Russia invaded Ukraine in February 2022, the business run by Michal Strnad has benefited from the biggest demand for weapons since the end of the Cold War.