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Pierre Gattaz
Chairman of the Executive Board, Chief Executive Officer (PDG), Radiall SA

"We are being treated like lepers" (Pierre Gattaz)

📅 Sep 27, 2026 BFM Business 9 MIN 11 SEGMENTS · 2 SPEAKERS
Pierre Gattaz, CEO of Radiall and former president of the Medef (French Business Confederation), was Brigitte Boucher's guest ...

What Pierre Gattaz said

Written from the verified transcript and checked against it. Every figure links to the moment it was said.

Pierre Gattaz, CEO of Radiall and founder of the Avenir Souveraineté endowment fund, discussed the need for France and Europe to regain sovereignty in defense, food, security, health, energy, and climate. He emphasized transforming threats into opportunities for growth and jobs, with founding members including Michelin, Safran, EDF, and supporters like Enrico Letta and Philippe Aghion. Gattaz detailed Radiall's joint venture Tessalia with Foxconn and Thales for system-in-package semiconductors for defense and sovereignty markets, launched June 1st. He criticized French political speeches since the dissolution and advocated for reindustrialization, budget savings of €54 billion proposed by Sébastien Lecornu, and growth above 2%. He opposed surtaxes on companies, argued for competitive taxation, praised the CAC 40, and proposed streamlining administration by reducing territorial levels from six to three.

Key takeaways

  1. Avenir Souveraineté fund aims to transform threats into growth opportunities across defense, food, and security sectors.
  2. Tessalia joint venture with Thales and Foxconn develops system-in-package semiconductors for France, launched June 1.
  3. France needs to grow above 2% annually versus under 1% average over 20 years, requiring reindustrialization.
  4. Gattaz opposes surtaxes and advocates competitive taxation to incentivize job creation.
  5. Proposes cutting €54 billion in savings proposed by Sébastien Lecornu and reducing territorial levels from six to three.

Numbers and commitments

FigureWhat it refers toTypeAt
54 billion savings proposed by Sébastien Lecornu for the French budget commitment 3:46
below 1% France's average annual growth over 20 years metric 3:46
above 2% target annual growth rate for France guidance 3:46
21 million private-sector employees in France metric 5:31
4 million number of bosses in France metric 5:31
25 million combined block of employees and bosses metric 5:31
3 billion cost of payroll tax relief reduction involving high salaries metric 6:15
6 territorial levels in France metric 6:15
3 territorial levels in Switzerland and Germany metric 6:15

Chapters

  1. 0:00Avenir Souveraineté fund launch
  2. 2:18Tessalia semiconductor venture
  3. 3:46France's reindustrialization plan
  4. 5:25Company taxation criticism
  5. 6:15Public sector optimization

Questions asked in this interview

4
  1. 0:00How much is this fund endowed with, and where does the funding actually come from?
  2. 2:18The construction of the factory was launched on June 1st. What are your objectives?
  3. 3:33Concretely, how do we turn the country around by 2040, since that is the goal you are setting? What are your solutions?
  4. 6:06Shouldn't we redistribute that value better?
Interviewer 0:00 ↗
Hello and welcome. You are the CEO of Radiall, president of the STK, the Institute of Solutions, and former president of MEDEF. A week ago, along with other founding members, you launched the Avenir Souveraineté fund to strengthen the freedom of action for both France and Europe. How much is this fund endowed with, and where does the funding actually come from?
Pierre Gattaz 0:19 ↗
Well, in fact, it is a collective of entrepreneurs, but the idea is to be very broad. What is the underlying philosophy? It's that we are surrounded by dangers. There are dangers; we risk losing our food, security, and defense sovereignty—there are threats everywhere, and we want to turn these threats into opportunities for growth and jobs. So, in what fields? Well, the military, of course, security, and food. Yes. Yes. And in fact, the idea is to regain freedom and not be dependent. We cannot buy our ammunition from our worst adversaries. Basically, in an extremely volatile geopolitical world. We must take our destinies into our own hands; we must stop being passive and start building the future. And it is a virtuous future since these are markets for us French and Europeans to develop military systems to defend ourselves. Around security, it’s enormous. Around food, health, the planet, energy, and climate—these are matters of sovereignty. And transversally, there are cross-cutting technologies like quantum, like electronic components... So, we are not going to invest; we are going to help this collective to push three things. Conducting analyses with researchers, with national education institutions, with chairs of advanced studies on sovereignty, for example. So the idea is first to analyze, and the second thing is to link, to connect people who are interested in these subjects. Everyone needs to get interested in this subject. These are major topics for regaining our freedom and production capacity. And finally, we must act because we are, after all, industrialists. So with us are Michelin, Safran, EDF, Isalt—people who are the small core, I would say, of this institute, of this endowment fund called Avenir Souveraineté, and of course, not forgetting the Europeans. People like Enrico Letta have joined us, like the economist Philippe Aghion have joined us. So I would say it's very encouraging to tell ourselves, 'Finally, we are starting to take our destiny into our own hands; we no longer want to endure attacks and assaults, and we are, once again, transforming threats into opportunities for growth, innovation, research, and jobs.'
Interviewer 2:18 ↗
It's that sovereignty involves the private sector, at least, this morning. There is your company as well, Radiall, which created a joint venture called Tessalia, dedicated to semiconductors, with the Taiwanese company Foxconn and Thales. The construction of the factory was launched on June 1st. What are your objectives?
Pierre Gattaz 2:35 ↗
Yes, well, it's always the same. So, I deeply believe in France, despite the absolutely surreal political speeches we've been hearing since the dissolution. We continue to fight, we continue to motivate our teams, we continue to say France is a country where one can still invest. But of course, it's a wonderful country. I often say it's a Formula 1 car with both feet on the brake. One must believe in France, and above all, our politicians must listen to us. So, we are industrialists. I have indeed created this joint venture with my teams, Thales and Foxconn, around a concept called SIP. These are system-in-packages, which are semiconductors, and they are extremely important for this sovereignty we're talking about, since they will supply defense systems and all types of markets. Moreover, these are not exactly the same semiconductors that STMicroelectronics and other companies make. They are very specific semiconductors on wafers, and it is Foxconn, the Taiwanese company, that brings us the technology so that we can develop it in France for these markets, particularly those involving sovereignty.
Interviewer 3:33 ↗
Now, you also published an op-ed in La Tribune where you say that France can win. It just needs to decide to, that's your title. Concretely, how do we turn the country around by 2040, since that is the goal you are setting? What are your solutions?

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Cite this transcript

APA, MLA, BibTeX
APA

Gattaz, P. (2026, September 27). "We are being treated like lepers" (Pierre Gattaz) [Interview transcript]. BFM Business. CEOInterviews.AI. https://ceointerviews.ai/interview/2940575/

MLA

Pierre Gattaz. ""We are being treated like lepers" (Pierre Gattaz)." BFM Business, 27 Sep. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/2940575/.

BibTeX
@misc{gattaz2026_2940575,
  author       = {Pierre Gattaz},
  title        = {"We are being treated like lepers" (Pierre Gattaz)},
  howpublished = {Interview transcript, BFM Business. CEOInterviews.AI},
  year         = {2026},
  month        = {sep},
  url          = {https://ceointerviews.ai/interview/2940575/},
  note         = {Speaker-attributed transcript with timestamps}
}