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Tue, 2 May 2023

Airbus, Safran and Tikehau Capital Finalise Acquisition of Aubert & Duval; Bruno Durand Appointed CEO

(02/05/23)  The holding company owned equally by Airbus, Safran and Tikehau Capital has finalised the acquisition of Aubert & Duval from Eramet.

Aubert & Duval, a supplier of critical parts and materials to the aerospace, defence, nuclear and medical industries, generates annual revenues in the region of €550 million and employs 3,700 people, mostly in France.

The company’s cutting-edge know-how in specialty steels, superalloys and more recently acquired expertise in titanium, are crucial to the aerospace, transportation, energy, defence and medical markets.

“The acquisition of Aubert & Duval reflects the quickening pace of transformation and consolidation in the aerospace sector. Tikehau Capital is proud to be aiding the company’s recovery and the development of its industrial expertise alongside Airbus and Safran. Aubert & Duval is a strategic player vital to maintaining France and Europe’s industrial independence,” said Marwan Lahoud, Chairman Private Equity, Tikehau Capital.

The acqusition marks the latest in a series of initiatives in recent years to support and strengthen France’s aerospace sector, notably through the Ace Aéro Partenaires investment fund set up in 2020 and handled by alternative asset management firm Tikehau Capital with the backing of the French government, which retains a golden share in Aubert & Duval company in order to protect its strategic interests.

“Completion of this acquisition represents a crucial step towards the creation of a leading European player in critical parts and materials, equipped to compete globally and to support the aerospace and defence industry, thereby reducing geopolitical risks of supply,” said Airbus CEO Guillaume Faury. “Airbus will provide its full support to Aubert & Duval as it executes its ambitious transformation plan.”

Bruno Durand. Click to enlarge.
Bruno Durand

Bruno Durand has been appointed CEO of Aubert & Duval by the holding company’s Board of Directors.

Bruno (62) graduated from the Ecole Centrale de Paris and began his career in 1984 at the Budget Department of the Ministry of Finance.

In 1989 he joined PSA (now Stellantis), working in its finance and production departments before becoming production manager in 1994 and then Vice President, Purchasing for the Exhausts branch of automotive equipment and component supplier ECIA.

Bruno joined Valeo in 1998 as Vice President, Industrial Operations and Purchasing before being appointed Chief Operating Officer of SAMAS France in 2001.

In 2005, he moved to Safran where he was Vice President, Purchasing at Labinal (now Safran Electrical & Power) and a few months later Deputy CEO.

Bruno was subsequently appointed Vice President, Supply Chain at Snecma (now Safran Aircraft Engines) in 2009 before joining Sagem (now Safran Electronics & Defense) in 2012 as Vice President, Industrial Operations.

He was appointed Vice President, Industrial Operations and Supply Chain at Safran Aircraft Engines in 2014, then Safran Executive Vice President, Production, Purchasing & Performance in 2020. In May 2022, Bruno left that post to take charge of the Aubert & Duval transformation project with Safran’s CEO.

“The acquisition of Aubert & Duval will ensure the national and European sovereignty of our strategic programs developing disruptive civil and military engines, and secure our critical parts and materials supply chain,” said Olivier Andriès, Safran CEO. “I am confident the new team will carry through the transformation project to get this leading French industry player back on track.”

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