At Forges de Tarbes, the only factory in France producing shells for Caesar cannons, production has been halted for several weeks due to a shortage of raw materials, aging machinery that frequently breaks down, delayed salaries, and concerns about the company's financial health. Employees interviewed by BFM Business describe a worsening situation, with production completely stopped between mid-August and mid-September. This marks a new challenge in a crisis that has been ongoing for several months. An employee mentioned that raw materials have not been received since March, and the factory is operating "drop by drop," with no clear outlook. The industrial equipment needed to boost production is described as being near the end of its useful life, making operations difficult. Despite the factory's strategic importance in national defense, employees are worried about whether it can meet its production targets. Salaries have been delayed, with the last payments made directly by the shareholder Europlasma, which took over the factory in 2021 when it was on the verge of closing. This has raised questions about the company's cash flow. Employees are uncertain if future salaries will be paid, with some predicting they may not be. Europlama, which specializes in taking over struggling factories in France, including Valdunes and Fonderie de Bretagne, is facing financial difficulties. It reported a net loss of 35.6 million euros in 2025, despite a 65.9% increase in revenue compared to the previous year. Despite a sharp increase in demand for 155 mm shells following Russia's invasion of Ukraine in February 2022, Forges de Tarbes has not met the production targets set by management. An employee noted a significant gap between the publicly announced order books and the actual output. A glimmer of hope emerged in April when Europlasma announced exclusive talks with an "unrevealed French investor" to sell its defense-related activities for 150 million euros. However, no updates have been provided since then, and the company admitted to "cash flow tensions" in June. Europlasma is linked to Alpha Blue Ocean, an investment fund based in the Bahamas and Dubai, which uses a type of financing known as convertible bonds with share subscription warrants (OCABSA). This method is often used as a last resort before potential bankruptcy. The Autorité des Marchés financiers has noted that such financings are typically used by companies in financial trouble. Employees describe a climate of "fear" and "repression," with an ex-CGT elected official facing legal action for speaking out about the company's situation, and another union delegate being dismissed before being reinstated by the Ministry of Labor. Laurent Collet-Billon, a former general delegate for armaments, is a member of Europlasma's board of directors and received 150,000 euros in 2025 for advisory services. The same amount was paid to another board member, Pascal Gilbert, raising questions given the company's financial struggles. In June, the La France insoumise deputy Aurélie Trouvé mentioned a "form of terror" in Europlasma's factories, with employees "dead of fear." Josiane Frétier, a former union delegate, described pressures and intimidations, noting a climate of repression that silences workers. In September, management admitted to carrying out a "sale-leaseback operation" on March 18, 2026, to generate liquidity by selling the buildings while continuing to occupy the site by paying rent. Despite receiving public aid totaling seven million euros in 2022 and 2023 aimed at modernizing and improving production capacity, difficulties persist. Europlasma declined to comment on the situation, while the Direction Générale pour l'Armement stated it would closely follow the matter in conjunction with the Ministry of Economy. KNDS, the only client of Forges de Tarbes, said it would closely monitor the situation regarding the resumption of activities by a French investor. Europlasma denied being engaged in exclusive negotiations for the sale of its defense activities.