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Stop CPP investments in firms selling military, police, spy or prison-related products
to Israel


in 2011

$12 million

This is the online version of
Profiting from Israeli Apartheid:
Canada Pension Plan (CPP) Investments in Corporations Supporting Israelís Military-, Police-, Surveillance-, Prison-Industrial Complex (Part 1)"
(Here's a coupon to subscribe, renew, order copies or make a donation to COAT.  To pay online, use the "Transfer Funds" button at the COAT homepage.)

Investments in ADI by other
Top Canadian Pension Funds:

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Total = $29,742,000

The integrated electronic circuits made by this US multinational, semiconductor company are at the heart of military radar, communications and avionics equipment. ADIís products are used in unmanned aerial vehicles, night vision goggles, navigation equipment and flight control systems for warplanes. With assets of US$4.3 billion (2010), ADI is a leading manufacturer of data-conversion and signal-conditioning technology, such as Digital Signal Processors (DSPs). ADI also makes gyroscopes and accelerometers used in a variety of missiles.

Although ADIís wholly-owned subsidiary, Analog Devices (Israel), was established in 1980, it wasnít until 1996, that ADI established its R&D "Design Centre" in Israel. From its inception until its closure a decade later, the ADIís centre was led by Ran Talmudi, who began his high-tech career at Elbit Systems, Israelís largest weapons manufacturer.

When ADIís president Jerald Fishman, went to Israel for the ADI centreís opening, he told the Globes business paper that during the previous year ADI sold US$20 million worth of products to Israelís communications and "defense electronics industries." He estimated that ADIís future sales to Israelís military sector alone would comprise 40% of its total sales.

In its reportage, Israelís Globes newspaper noted that "Even though Fishman, one of the Analog Devices founders, is a Jew, the companyís Israeli connection comes through chairman Ray Stata." Stata, who cofounded ADI in 1965, also started Stata Venture Partners. This investment firmís holdings include Teradiode, a laser manufacturer that says its products "enable many defense applications, including infrared countermeasures, target designators and directed energy weapons."

Fishman and Stata gave ADIís Israeli R&D Centre "the job of developing the TigerSHARC." A scan of ADIís website finds more than 11,000 pages mentioning the military applications of TigerSHARC DSPs.

Although its R&D Centre in Israel was closed in 2006, Analog Devices (Israel) is still active in Raíanana distributing ADIís products.

ADI also has a broad network of "Third Party Developers" (TPDs) in Israel. TPDs are companies whose products rely on ADI electronics. Of the eight Israeli firms that ADI lists as its TPDs, six are described by ADI as supplying the "Military" (M) and/or "Security & Surveillance" (SS) markets. These firms are: MasterKey (SS), Galium (SS), Imaging Diagnostics (M, SS), Jungo (M, SS), Linux4biz (M, SS) and Orlead (M, SS).

Another company in ADIís database of TPDs is Elliptic. This Ottawa-based firm says it supplies both military and security/surveillance markets. Elliptic, which uses ADIís SHARC and TigerSHARC processors, also says that it exports to customers in Israel.

One of ADIís top Israeli customers, Elta Electronics, is a subsidiary of Israelís second largest weapons maker, Israel Aerospace Industries (IAI). (See "State-owned Israeli War Industries.") IAIís website has numerous references to its reliance on ADIís "SHARC" DSPs for such military products as:

l "Airborne, maritime and ground based multimode [weapons] fire control Radar, SAR [Synthetic Aperture Radar],"

l "Image and video processing,"

l "Communication, Cryptography, ELINT [Electronic signals intelligence] and COMINT [Communications Intelligence]," and

l "Sonar, Electronic Warfare, Automatic Target Recognition."

ADIís wares can also be found in major US weapons systems of the kind transferred to Israel. For example, in 2000, ADI received a worth US$775 thousand contract from US Aviation and Missile Command for applied research related to AH-64 "Apache" attack helicopters. ADI also received US contracts in 2003 and 2007 to supply microcircuits for F-16 "Falcon" fighter/bombers. AH-64s and F-16s transferred to Israel were used in air strikes against Lebanon (2006) and Gaza (2008-2009).



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 prison-related products.

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
Amdocs Ltd
pdf  Analog Devices Inc

pdf  AT&T
pdf  BAE Systems
pdf  Bank Hapoalim
pdf  Bezeq
pdf  Bharat Electronics Ltd
pdf  CAE Inc
pdf  Carlyle Group
pdf  Caterpillar Inc
pdf  Cellcom Israel
pdf  Cemex
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  Finmeccanica
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 Industries:
, IMI and Rafael

Vertex Venture Capital:
Investing in Israeli High-Tech Companies

Table listing CPP Investments


Table listing CPP Investments worth $1.5 billion in 66 companies supporting Israel's military, police, surveillance, prison-industrial complex.

Table listing additional investments totalling $4.5 billion by six large Canadian pension funds (including CPP) in the 66 companies researched by COAT.

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Analog Devices

Analog Devices

Aerospace & Defense

"Analog Devices Seeks Israeli Partner," Globes, February 12, 1997.

"Third generation comes first in Israel," Globes, January 31, 2002.


Google search of the ADI website for "TigerSHARC" and "military"

DSP - Digital Signal Processoring Modules

Third Party Developers Program for Processors and DSP

Government Contracts USA Defense Depít