Divestment of Aubert & Duval: Eramet signs a MoU with Airbus, Safran and Tikehau ACE Capital

News
  • Major step in Eramet’s refocus on its Mining and Metal activities
  • New perspectives for Aubert & Duval and its employees, as they join leading players in the aerospace industry

Eramet has signed a non-binding Memorandum of Understanding (MoU) for the sale of Aubert & Duval (A&D) to a consortium formed by Airbus, Safran and Tikehau Ace Capital.

A&D is one of the world's leading producers of high-performance steels, superalloys, titanium and aluminum and a strategic supplier for the aerospace industry. The acquisition by the consortium would provide the necessary support for the development of the company.

This transaction, expected to be completed before the end of 2022, is fully aligned with Eramet's strategic roadmap, which aims to refocus on its upstream activities and develop in metals for the energy transition.

Under the terms of the transaction, A&D’s divestment would be based on an enterprise value of €95m alongside with a set of specific guarantees in addition to the usual guarantees. The accounting impact is estimated to -€340m1, and will be recognized in the result for the year 2021. It will have no impact on the Group’s net debt at 31 December 2021.

In the context of this operation, a « golden share » was set up by the French State within Eramet2 with the scope of certain strategic assets held by A&D. This golden share will be replaced by a similar one within A&D, upon completion of the transaction.

The operation is subject to consultation with employee representative bodies and all necessary regulatory approvals.

Christel BORIES

Eramet group Chair and CEO

The announcement of this agreement is a very good news. Once finalized, it will enable Aubert & Duval, a strategic player in the sector, to join forces with leading aerospace players. I am confident in Aubert & Duval’s ability to develop in a sustainable manner, in the interests of its employees and its clients.
With this divestment project, Eramet is taking a major step forward in its strategic transformation and is about to write a new chapter of its history with the ambition of becoming a reference for responsible transformation of the Earth’s mineral resources, for living well together