Czech tank refurbishment business flourishes amid Ukraine war – Bloomberg

Bloomberg writes about it.

Strnad's Excalibur Army, once a humble repair shop for old military vehicles, now plays a pivotal role in supplying hardware for Europe's current war, benefiting from the surge in demand since Russia's invasion of Ukraine in 2022.

Europe's increased defense spending has boosted companies like Excalibur, but its success stands out in a region once known for supplying arms to NATO's adversaries.

At just 31, Strnad oversees Excalibur, the largest and most profitable component of Czechoslovak Group AS (CSG), which saw revenue soar to €1.73 billion ($1.9 billion) last year.

With a full order book for years, CSG expanded its portfolio by acquiring Spanish and Italian arms producers and is eyeing further growth, including in the US, despite some political opposition.

Strnad's family business started in 1995 and transitioned from scrapping tanks for parts to refurbishing them for resale, finding lucrative markets in Africa and beyond.

Excalibur's output surged during the Ukraine war, with heavy ammunition production increasing tenfold and the workforce nearly tripling to 10,000 across eight countries.

Taking over CSG at a young age, Strnad's wealth has skyrocketed, with a valuation of at least $5 billion, making him one of Europe's fastest-growing arms industry magnates.

Expansion plans include new assembly halls across Europe, a potential arms venture in Ukraine, and innovations in alternative energy for military trucks.

The transformation of Excalibur's hometown, Sternberk, symbolizes the revival of Czech arms manufacturing, once in decline after the fall of communism but now thriving amidst geopolitical tensions and global demand for military hardware.