A Chinese group takes over Safra, the only French manufacturer of hydrogen buses

The Chinese group's takeover bid had been in the lead in recent weeks, before a last-minute, revised upwards proposal was presented by TTH on Friday.

Wanrun has committed to retaining 120 of the 169 employees of this Albi-based company, which specializes in the manufacture of hydrogen-powered buses and coaches, and in the renovation of buses, metro trains and trams.

The plan to take over the Chinese company, best known in the battery and solar panel sector, which arrived at the end of April, on the eve of a hearing at the Albi Commercial Court, includes a check for 7 million euros and promises of investment to revive the Société Albigeoise de Fabrication et Réparation Automobile (Safra), founded in 1955 and placed in receivership on February 4.

The only French company to manufacture hydrogen coaches and buses, Safra is a major player in the hydrogen sector.

With its latest offer, the Thierry Torti Holding group (TTH, 385 employees) believed it had the arguments to convince the court. TTH had proposed taking on 90 employees at the Albi site and reassigning 40 to its Clermont-Ferrand factory.

Its CEO, Thierry Cezar, was promising an order book of €450 million, a guarantee he believed would ensure Safra's future, and was counting on a gradual increase in staff numbers to reach 200 employees in Albi by 2029.

A third offer from a Belgian company, CBM, was also rejected.

Last week, the president of the Regional Economic, Social and Environmental Council (CESER) of Occitanie, Jean-Louis Chauzy, warned of the risk of takeover by Chinese interests and called for "French industrial solutions with a solid territorial anchorage."

He recalled the case of the SAM foundry in Aveyron, taken over by the Chinese group Jinjiang with promises of investments that were "never realized." The metallurgical company, which works for the automotive industry, ultimately closed.

The centrist MP for Tarn, Philippe Bonnecarrère, also positioned himself in favor of "a serious French industrial offer, perhaps more modest at the start, but more solid in the long term."