Airbus and Safran Tighten Control Over Strategic Metals Supplier Aubert & Duval

Tikehau Capital exits as Europe’s aerospace champions deepen their commitment to a key defense and industrial sovereignty asset

AeroMorning – John Smith – June 25, 2026

PARIS, June 25, 2026 — Airbus and Safran have signed a binding agreement to acquire the stake held by Tikehau Capital in specialty metals producer Aubert & Duval, according to a joint announcement released on June 25, 2026. Once regulatory approvals are obtained, Airbus and Safran will each acquire half of Tikehau’s participation, becoming the sole shareholders of one of Europe’s most strategically important metallurgy companies.

The transaction marks the culmination of a rescue operation launched three years ago and highlights the growing importance of advanced materials, industrial sovereignty and defense supply chains in Europe. What began as an effort to save a struggling supplier during the aerospace crisis has evolved into a long-term industrial strategy centered on securing critical capabilities for future aerospace, defense, nuclear and space programs.

Source: Airbus, Safran and Tikehau Capital joint press release, June 25, 2026.

A Company at the Heart of European Aerospace

Aubert & Duval occupies a unique position within Europe’s industrial landscape.

The French company is one of the world’s leading producers of specialty steels, titanium alloys, nickel-based superalloys and high-performance aluminum materials used in the most demanding industrial applications. It also manufactures forged and machined components for aircraft engines, landing gear systems, military platforms, nuclear installations and space launch vehicles.

These materials are essential for modern aerospace and defense systems. Components operating inside jet engines, for example, must withstand temperatures exceeding 1,000°C while maintaining exceptional mechanical properties. Producing such materials requires decades of metallurgical expertise, highly specialized industrial facilities and lengthy qualification processes.

Today, Aubert & Duval employs approximately 4,400 people across ten industrial sites, including eight facilities in France, and generates annual revenues of around €960 million.

Its customer base spans civil aviation, military aerospace, defense, energy, nuclear and medical industries, making it one of Europe’s most critical suppliers of advanced metallic materials.

Why Eramet Chose to Divest Aubert & Duval

The roots of the transaction can be traced back to the severe challenges faced by Aubert & Duval during the late 2010s and early 2020s.

At the time, the company was owned by French mining and metallurgy group Eramet. Despite its technological strengths, Aubert & Duval was struggling with operational difficulties, quality issues in certain production lines, and the need for substantial industrial investments.

The COVID-19 pandemic further aggravated the situation. As aircraft production rates collapsed worldwide, demand for aerospace materials declined sharply. The company entered a period of significant financial stress just as major investments were needed to modernize facilities and improve competitiveness.

Meanwhile, Eramet was pursuing a strategic transformation focused on mining and critical raw materials. The group increasingly concentrated on manganese, nickel and battery-related materials, sectors offering stronger growth prospects linked to electrification and the energy transition.

Within that strategy, owning a capital-intensive downstream metallurgy business no longer represented a strategic priority. In February 2022, Eramet announced plans to divest Aubert & Duval, opening a process that quickly attracted interest from industrial players.

Why Airbus and Safran Considered Aubert & Duval Too Important to Lose

For Airbus and Safran, the prospect of Aubert & Duval falling into uncertain ownership represented a strategic risk.

Both companies depend heavily on the advanced alloys and forged components produced by Aubert & Duval. The supplier plays a crucial role in the manufacturing of aircraft engines, airframe structures, landing gear systems and defense equipment.

Replacing such a supplier would be extremely difficult. Aerospace materials often require years of certification and qualification before they can be integrated into production programs. Losing access to these capabilities could create vulnerabilities across multiple strategic supply chains.

The issue therefore extended beyond commercial considerations. It became a matter of industrial sovereignty.

In February 2022, Airbus, Safran and investment group Tikehau Capital announced plans to acquire Aubert & Duval. The transaction was completed in April 2023 through a jointly owned holding company.

The consortium pursued several objectives:

• Preserve critical industrial know-how in France and Europe;
• Secure long-term access to strategic materials;
• Restore Aubert & Duval’s financial health;
• Modernize industrial facilities;
• Strengthen Europe’s aerospace and defense supply chains.

Tikehau Capital played a key role by providing financial support during the restructuring and investment phase, while Airbus and Safran contributed industrial expertise and long-term demand visibility.

A Remarkable Industrial Turnaround

Since the acquisition, Aubert & Duval has undergone a significant recovery.

Backed by its shareholders, the company launched an ambitious modernization program estimated at approximately €350 million. Investments have focused on production efficiency, quality improvements, digitalization, capacity expansion and sustainability initiatives.

One of the flagship projects is the installation of a new 6,000-ton forging press at the company’s Pamiers facility in southwestern France. The equipment will enhance the production of large, high-performance components for aerospace and defense applications.

The company has also expanded its titanium recycling capabilities, an increasingly important area as manufacturers seek to reduce both costs and environmental impacts while strengthening supply security.

Financial performance has improved considerably. Revenue reached approximately €844 million in 2024, up sharply from pandemic-era levels. By 2026, annual sales are approaching €1 billion, supported by recovering civil aerospace demand, expanding defense programs and strong activity in energy markets.

Management has publicly indicated ambitions to reach approximately €1.2 billion in annual revenue over the medium term.

Defense Spending Creates a Powerful Growth Engine

While supply-chain security was the primary motivation behind the original acquisition, the strategic environment has changed dramatically since 2022.

The war in Ukraine, rising geopolitical tensions and renewed concerns over European defense readiness have triggered a major increase in military spending across NATO countries. Governments are committing hundreds of billions of euros to new aircraft, missile systems, naval vessels, ammunition production and strategic deterrence capabilities.

This trend is creating significant opportunities for suppliers of advanced materials.

Virtually every modern defense platform depends on specialty alloys, titanium components and high-temperature superalloys. These materials are used in fighter aircraft, military engines, missiles, submarines, naval propulsion systems and space assets.

Aubert & Duval already supplies materials used in several strategic programs, including:

• Dassault Aviation’s Rafale fighter aircraft;
• Safran military and civil engines;
• MBDA missile systems;
• Space launch programs;
• Naval propulsion systems;
• Nuclear defense infrastructure.

As production rates increase across Europe’s defense industry, demand for these materials is expected to grow substantially.

For Airbus and Safran, securing control of Aubert & Duval therefore represents more than a defensive move. It provides exposure to one of the strongest industrial growth trends likely to shape Europe over the next decade.

Industry analysts increasingly view advanced metallurgy as one of the critical bottlenecks limiting defense-industrial expansion. In that context, Aubert & Duval has evolved from a company requiring rescue into a strategic growth platform.

Why Tikehau Capital Is Exiting

Tikehau Capital’s departure should not be interpreted as a loss of confidence in the company.

Unlike Airbus and Safran, whose interests are primarily industrial, Tikehau entered the consortium as a long-term investment partner tasked with supporting the turnaround and modernization process.

Three years later, much of that work has been accomplished. Aubert & Duval has stabilized operations, restored growth and strengthened its market position. The company is now entering a new phase focused on industrial expansion rather than restructuring.

The sale of Tikehau’s stake therefore follows a classic investment cycle in which a financial partner exits after helping create value and reduce risk.

Airbus and Safran Bet on the Next Decade

The June 2026 transaction reflects broader changes occurring across the aerospace and defense sectors.

Manufacturers increasingly seek greater control over strategic suppliers following years of disruptions caused by the pandemic, geopolitical instability and shortages of critical materials. At the same time, defense spending is rising, aircraft production rates are increasing and governments are placing greater emphasis on industrial sovereignty.

Against this backdrop, ownership of a company such as Aubert & Duval offers both strategic protection and long-term growth potential.

Once regulatory approvals are secured, Airbus and Safran will each own 50% of the company. The partners have stated that Aubert & Duval will continue to operate independently and serve its broad customer base across aerospace, defense, energy and industrial markets.

For Airbus and Safran, the transaction secures access to critical technologies and materials. For Aubert & Duval, it provides long-term industrial backing at a time when demand for advanced metallurgy is expected to reach levels not seen in decades.

What was once viewed primarily as a rescue operation has become a cornerstone of Europe’s industrial and defense strategy.