CSG Taps Hanwha for US Army Chassis Deal While Caspian Howitzer Venture Takes Shape
Published on 10/09/2026 at 16:01 | Editorial boerse-global.de
CSG has found a route into the American defense supply chain, and it runs through a Korean partner. The Czech arms maker is teaming up with Hanwha Defense USA to supply Tatra Force chassis for the US Army's new wheeled artillery system, according to a Bloomberg report published Wednesday. The arrangement carries more than a supply contract for CSG: the company told Bloomberg it is weighing several advanced options for production sites on American soil, giving the group a potential industrial foothold in the US market as it plugs into the Pentagon's procurement machinery.
That transatlantic move sits alongside a broader run of international project announcements. On September 30, CSG unveiled plans for a second joint venture in Azerbaijan aimed at localizing production of self-propelled howitzers there. The venture is slated for incorporation in December 2026, with manufacturing scheduled to begin in 2027. CSG values the business at EUR 1.8 billion across a seven-year term — though no signed contract has yet been put in place.
Baltic Artillery Deal Adds to Order Pipeline
The Azerbaijani project is not the only thread in CSG's expansion. Roughly a week ago, subsidiary Tatra Defence Systems signed a trilateral agreement with Latvia and Slovakia covering the delivery of Morana howitzers and rocket artillery systems for the Latvian armed forces. The package also includes multiple rocket launchers. Neither the contracted unit volumes nor the total financial value were disclosed by the parties.
Should investors sell immediately? Or is it worth buying CSG?
Alongside its European activities, CSG is turning its attention to the US market, where it plans to present selected products from its defense systems and ammunition lines.
Shares Stay Wary Despite Deal Flow
Investors, however, are not rushing to price in the new agreements. In today's session the stock is down 1.1% at EUR 14.02, leaving it 61% below its 52-week high. The cautious tone follows a stretch of turbulence: about two weeks ago, a fire at a Slovak plant belonging to the group unsettled the market, and CSG also entered a partnership with a shooting sports association during the same period.
Those headlines brought a measure of stabilization. On Thursday, the shares closed 1.8% higher at EUR 14.17.
How much the latest US partnership can shift sentiment now depends on how quickly the American manufacturing plans take concrete form. The bigger operational marker on the calendar remains the Azerbaijani project, whose planned implementation at the end of 2026 will be a key test of whether CSG's announced cooperation can be converted into binding orders.
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