Eastern Europe Edition

Czech Arms Billionaire Targets America

CSG’s owner says the company’s share price doesn’t reflect its value and expansion plans.

Two 155 mm artillery shells on display at the ZVS Holding AS plant Slovakia, part of CSG.Photographer: Michaela Nagyidaiov/Bloomberg

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By Andrea Dudik

May 15, 2026 at 4:30 AM UTC

Hi, this is Andrea 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.

When Czech billionaire Michal Strnad debuted arms manufacturer CSG on the stock exchange four months ago, the share price jumped as investors clamored for all things defense. The trajectory has been very much the other way since then.