Photonis specializes in night vision technology -

Photonis

It is invoked the protection of the strategic activities of France.

The French state has refused an offer to buy Photonis, which specializes in photodetection - in particular night vision technology - by the American engineering group Teledyne, the Ministry of the Armed Forces announced on Friday.

The State decided to "refuse the foreign investment in France proposed by Teledyne", one indicated to the cabinet of the Ministry of the Armed Forces.

Photonis is based in Mérignac near Bordeaux (Gironde) and has more than 1,000 employees.

She works for the aeronautics, research and even defense sectors.

Elected officials were concerned about the risks associated with a takeover of this "highly strategic" company

The ministry's refusal is motivated by two reasons, according to the cabinet: "the nature of Photonis' activities" and the fact that "the mechanisms proposed as part of the investment process in France were not sufficient to ensure sovereignty and the protection of strategic assets over time ”.

At the end of October, elected officials were concerned about the risks associated with a takeover of the "highly strategic" company whose owner, the Ardian fund, wishes to get rid of.

A takeover by Teledyne "poses the risk of an aspiration of the technological know-how of Photonis, moreover without guarantees of maintaining local employment", had denounced in a letter addressed to the Prime Minister the deputy LR Julien Aubert as well as seven parliamentarians and former parliamentarians.

A "French alternative solution" is under study, according to the cabinet of the ministry.

A closely watched file

The State "considered that to protect a strategic asset it was preferable to give up a foreign investment, it is indeed a foreign investment and not the Teledyne company" which is targeted, specified the cabinet recalling that Teledyne "is a supplier to the Ministry of Defense and employs around 850 people in France ”.

Teledyne made a first offer before withdrawing it at the end of September and proposing a new one in October.

The French government is closely monitoring this file via the mechanism for controlling foreign investments in France, thanks to which it can prevent the takeover of a French company by a foreign actor if it is of strategic interest to the country.

In the spring, the Minister of the Economy Bruno Le Maire had expressed his opposition to this takeover by the American group, hoping that Photonis would remain in French hands.

In particular, Photonis produces light intensifying elements used in night vision binoculars and instruments used by the Megajoule Laser, on a site of the French Atomic Energy Commission intended for simulation testing of nuclear explosions.

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