According to the company, EUR 31 million will be invested in 2023 and 2024. These investments will cover new production technologies and the modernization of industry infrastructure as well, the company said.
The decision to invest in the increasing production capacity is a result of a huge rise in demand for artillery ammunition in Europe due to the war in Ukraine.
The plan for future investments includes the modernization of ZVS Holding’s production facilities in Dubnica and Svin. The company plans to equip the Svin facility with a new, automatic machine for the production of 155mm artillery shell bodies.
Due to the future ramping up of artillery ammunition production, ZVS Holding plans to increase the number of employees as well. As of today, the company has approximately 250 employees.
ZVS Holding is a Slovak defence company. Fifty percent of the enterprise’s shares are owned by the Slovak state-owned defence conglomerate DMD Group. The other fifty percent is owned by MSM Group, a subsidiary of Czechoslovak Group (CSG).