Not sure what this actually means, whether its being animated by a small French animation company like SIP (The ones who animate W.I.T.C.H for Jetix) and coming to the US or if its just for overseas only, with the word co-produce it might be like what SIP does where they do the animation then send it off to be packaged and dubbed by another.
France 2 will co-produce a new animated series of 26 half-hour episodes adapted from the Marvel comic book character Iron Man, C21Media reports.
http://news.toonzone.net/article.php?ID=5484