COAT's online PETITION now!
Stop CPP investments in firms selling military, police, spy or prison-related
products to Israel
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But an HMC subsidiary – originally called Koros – churns out fuel-guzzling battle tanks, armoured troop carriers and tank-gunnery trainers. Koros, which made trains, is an acronym for Korea Rolling Stock. However, in Japanese, the word korosu means "to kill." Although this was quite apt, the Koros name was changed to Rotem in 2002.
In 1997, Hyundai defied the Arab boycott and set up an Israeli R&D centre. HMC cars are now Israel’s most popular, surpassing competitors Mazda and Mitsubishi. (See table "CPP Investments.")
Because HMC has received lucrative contracts from Israel’s military, it is obliged to reciprocate with investments in the country. The government’s Industrial Cooperation Authority said:
"HMC is committed to about $16 million worth of Industrial Cooperation activities to be carried out with Israel’s high-tech and automotive industries. The commitment stems, among others from the sale of Hyundai vehicles to Israel’s Ministry of Defense, and the Government Vehicle Administration, which totalled since 2004 up to 2010, 8,000 vehicles."
Israel’s Globes newspaper reported on two large 2010 contracts won by HMC to supply vehicles to officers of the Israel Defense Forces (IDF). These deals totalled between US$28 and $33 million. Globes noted that
"most leased cars that will be supplied to IDF lieutenant colonels – about 3,000 cars – are Hyundai Accents, manufactured at the...Izmit plant in western Turkey. The pretax value of the export of these cars to Israel is estimated at $22-25 million."
The other tender was to "lease cars to IDF majors...through Hyundai Motors Israel Ltd., with its I20 model," which are also made in Turkey. Globes estimated that the "value of the I20s that will be exported to Israel for delivery to the IDF is [US]$6-8 million."
In 2006, Globes reported that in "the first stage of a military contract" the IDF received "hundreds of Hyundai Getz and Mitsubishi Lancers." (See Mitsubishi in table "CPP Investments.")
COAT research (published in Issues 66 and 67 of Press for Conversion!) exposes that in 2011 the
CPP owned about $1.5 billion worth of shares in 68 corporations supplying Israel with military, police, surveillance and
To read COAT's research on the first half of
these 68 companies, click the pdf links below
to see the print version of Issue 66. Or, click
each company name for the web version.)
(Articles on the second set of 34 companies
are in Issue #67 of Press for Conversion!):
pdf 3M Co
pdf Amdocs Ltd
pdf Analog Devices Inc
pdf BAE Systems
pdf Bank Hapoalim
pdf Bharat Electronics Ltd
pdf CAE Inc
pdf Carlyle Group
pdf Caterpillar Inc
pdf Cellcom Israel
pdf Cisco Systems
pdf CRH plc
pdf Daewoo Engineering & Construction
pdf Daimler AG
pdf Delek Group
pdf Dell Inc
pdf Discount Investment Corp
pdf Doosan Corp
pdf Eaton Corp
pdf Elbit Systems
pdf EMC Corp
pdf Evraz Group
pdf Fiat Industrial
pdf Fiat SpA
pdf Fujitsu Ltd
pdf Hewlett-Packard Co
pdf Hitachi Ltd
pdf Honeywell International
pdf Hyundai Motor Co
pdf Hyundai Heavy Industries
Additional resources from this issue:
Israeli Spy Companies:
Verint and Narus
State-owned Israeli War
Vertex Venture Capital:
CPP Investments worth $1.5
in 66 companies supporting Israel's military, police, surveillance, prison-industrial complex.
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"Hyundai to Open Research and Development Center in Israel,"
Globes, August 28 , 1997.
Daniel Schmil, "Hyundai pulls ahead of Mazda as No. 1 car,"
Haaretz Daily, May 4, 2011.
"Hyundai should make reciprocal procurements in Israel,"
March 2, 2005.
Dubi Ben-Gedalyahu, "IDF officers leasing deal worth $30m to
Turkey," Globes, June 23, 2010.
"Colmobil benefits from IDF deliveries in January,"
Globes, February 2, 2006.