Industrial sites buyer reveals identity in parliament

Jérôme Garnache-Creuillot à Caudan, le 14 mai 2025. (AFP/FRED TANNEAU)

The leaders of Europlasma, a manufacturer of industrial sites facing difficulties (Valdunes, Fonderie de Bretagne, Forges de Tarbes…), assured on Thursday that the potential buyer for the group’s defense activities was a “French industrialist from the defense sector” during a parliamentary hearing.

“We have not decided to sell all of the defense activities but to find a partner,” stated Jérôme Garnache-Creuillot, even though his company had announced negotiations on April 10 for the sale of its defense-related activities for a sum of 150 million euros.

The potential buyer, according to Mr. Garnache-Creuillot, is a “French industrialist from the defense sector, with a long career in defense.” He also mentioned that the company informed the French Financial Markets Authority (AMF) prior to making any announcements and that the potential investor had “met with the DGA,” the French Armament Directorate.

“Today, everyone knows who it is at the DGA and the Ministry of the Armed Forces,” affirmed Mr. Garnache-Creuillot, who was questioned as part of an investigative committee on “predation of productive capacities by hedge funds.”

Europlasma, initially specialized in pollution control activities, has acquired several struggling major names in the French industry in recent years.

The most notable ones are Valdunes, specializing in wheels and axles for rail transport (North), Forges de Tarbes, a supplier to the national defense, and Fonderie de Bretagne, successor to the Forges d’Hennebont and long-time provider to Renault, in Morbihan.

Questioned on April 15 by members of the Defense Committee on Europlasma’s situation, General Delegate to Armament Patrick Pailloux indicated that he was closely monitoring the situation, especially regarding Forges de Tarbes, Forge de Valdunes, and Fonderie de Bretagne.

“The project is far from being finalized,” he said, emphasizing the importance of Forges de Tarbes and Fonderie de Bretagne.

During the hearing, Aurélie Trouvé, the rapporteur of the investigative mission, reported having signaled Europlasma’s communication to the AMF “for suspicion of market manipulation,” and the stock market regulator responded that they would investigate the case.

Europlasma, listed on the stock exchange, has not yet reported its 2025 annual results, more than three months after the end of the fiscal year.