Jérôme Garnache-Creuillot in Caudan, May 14, 2025. (AFP/FRED TANNEAU)

The leaders of Europlasma, a serial acquirer of struggling industrial sites (Valdunes, Fonderie de Bretagne, Forges de Tarbes…), reassured on Thursday that the potential buyer of the group’s defense activities is a “French industrialist in the defense sector,” during a parliamentary hearing.

“We haven’t decided to sell off all defense activities but to seek a partner,” said Jérôme Garnache-Creuillot, even though his company announced on April 10 negotiations “for the sale of its defense-related activities for 150 million euros.”

According to Mr. Garnache-Creuillot, the potential buyer is a “French industrialist in the defense sector, with a long career in defense.” He also indicated that the company informed the French Financial Markets Authority (AMF) before its communication and that the potential investor “met with the DGA,” the general armament direction.

“Everyone now knows who it is at the DGA and Minarm,” the Ministry of Armed Forces, Mr. Garnache-Creuillot further asserted, testifying before an investigative committee on the “predation of productive capabilities by speculative funds.”

Europlasma, originally specialized in pollution control activities, has acquired several well-known struggling French industry names in recent years.

The most recognized are Valdunes, specializing in wheels and axles for rail transport (Nord), Forges de Tarbes, a supplier to the national defense, and Fonderie de Bretagne, inheritor of Forges d’Hennebont and long-time supplier to Renault, in Morbihan.

Questioned on April 15 by the defense committee deputies about Europlasma’s situation, General Armament delegate Patrick Pailloux indicated he was “obviously closely monitoring the situation in his defense activities, particularly Forges de Tarbes, Forge de Valdunes, and Fonderie de Bretagne.”

“The project is far from being finalized,” he said, expressing his reliance on “Forges de Tarbes” and Fonderie de Bretagne.

LFI deputy rapporteur of the investigative mission, Aurélie Trouvé, stated during the hearing that she reported Europlasma’s communication to the AMF “for suspected market manipulation,” and that the stock market regulator responded saying they would “study the case.”

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