CSG Forges Transatlantic Artillery Links as Shares Remain Under Pressure
Published on 07/08/2026 at 18:58 | Redaktion boerse-global.de
The Czechoslovak Group (CSG) is pushing ahead with a dual-front expansion in Europe and North America, securing new production capacity for 155-mm artillery shells in Poland and establishing a dedicated US subsidiary. But the operational momentum has done little to lift the stock, which slipped a further 3.5 percent on Wednesday to €14.00 — extending a slide that has wiped nearly 60 percent from the share price since January.
In Poland, CSG has completed a technology transfer to state-owned defence group PGZ’s subsidiary MESKO for the manufacture of modular propellant charges. After successful laboratory tests and live-fire trials with the KRAB howitzer, serial production is now starting in the city of Pionki. The project, underpinned by a 2023 contract, allows Poland to produce the vital propulsion element for 155-mm rounds domestically, reducing reliance on external suppliers. MESKO chief Renata Gruszczynska described the step as a major advance in supply-chain sovereignty, while CSG manager Wojciech Grzonka highlighted it as a model of European industrial cooperation.
Across the Atlantic, CSG has incorporated CSG Land Systems North America, based in Michigan, to represent its Excalibur Army, Tatra Defence and Tatra Trucks brands in the US market. The new unit is led by Jason Alejandro Monahan, a US defence veteran with over two decades of experience. It builds on work already underway at the Iowa Army Ammunition Plant, where CSG’s subsidiary MSM Group North America is modernising production lines under the Future Artillery Complex programme. The plant is expected to ultimately turn out 36,000 artillery shells per month.
Should investors sell immediately? Or is it worth buying CSG?
Despite these advances, investor sentiment remains fragile. The stock has yet to recover from the fallout of a critical report published by short-seller Hunterbrook earlier this year, which accused CSG of omitting information from its IPO prospectus and understating ownership stakes. The company has denied the allegations. After hitting a 52-week low of €12.20 in late June, the shares had rallied nearly 15 percent — and were up 7.12 percent over the seven days to Tuesday’s close of €14.50 — but Wednesday’s decline has interrupted that recovery. The stock now trades roughly 8 percent below its 50-day moving average of €15.76, with annualised volatility exceeding 54 percent.
CSG’s transatlantic push is part of a broader consolidation strategy. The group has also proposed taking a stake in the Franco-German armoured-vehicle alliance KNDS, a move expected to face political scrutiny in Paris and Berlin. Meanwhile, the company — which employs more than 14,000 people and reported €4.0 billion in revenue for 2024 — is still trading 61 percent below its January record of €36.05.
The question for investors is whether operational expansion can rebuild the confidence shattered by governance concerns. Tangible US orders and a resolution of the transparency issues will be needed to convince the market that the long slide has finally bottomed out.
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