5:08 27 November 2025
CSG targets Polish expansion
Czechoslovak Group (CSG), the Czech-Slovak defense conglomerate controlled by billionaire Michal Strnad, is accelerating its push into Poland while preparing a multibillion-euro IPO. Investor interest in the defense sector has surged since Russia’s invasion of Ukraine, and Bloomberg reports that CSG is eyeing an Amsterdam listing in early 2026 that could raise around €3 billion at a €30 billion valuation.
With annual revenues above €5 billion and more than 100 subsidiaries worldwide—including U.S. ammunition producer The Kinetic Group—CSG is positioning itself as a technology partner rather than a rival to state-owned PGZ. The group promotes “local content” and already licenses 155mm Krab artillery ammunition to PGZ plants. It is open to expanding cooperation into additional calibers, fuses, and drone and counter-drone systems.
CSG also plans deeper collaboration on military vehicles. Huta Stalowa Wola is producing Waran 4x4 vehicles under CSG license, and testing is underway for the Heron 6x6 armored carrier, developed with Tatra Defense Vehicles.
