Oslo, MINA – Norway’s largest pension fund, KLP, has announced it will no longer do business with two companies that sell military equipment to Israel, citing the potential use of this equipment in the ongoing genocide in Gaza.
“In June 2024, KLP became aware of reports from the UN that several named companies were supplying weapons or equipment to the [Israeli army] and that these weapons were being used in Gaza,” said Kiran Aziz, Head of Investments at KLP Kapitalforvaltning, in a statement. Quds News reported this on Monday.
“Our conclusion is that the companies Oshkosh and ThyssenKrupp violate our responsible investment guidelines,” Aziz stated. “Therefore, we have decided to exclude them from our investment sphere,” She added.
The two companies are Oshkosh Corporation, a US company primarily focused on trucks and military vehicles, and ThyssenKrupp, a German industrial conglomerate that produces a range of products from elevators and industrial machinery to warships.
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According to KLP, the fund had invested $1.8 million in Oshkosh and nearly $1 million in ThyssenKrupp as of June 2025.
KLP stated it had contacted both companies before making its decision. Oshkosh “confirmed that it has sold, and continues to sell, equipment used by the [Israeli army] in Gaza,” primarily vehicles and vehicle parts.
ThyssenKrupp informed KLP that it has a long-term relationship with the [Israeli army] and had delivered four Sa’ar 6 class warships to the Israeli Navy between November 2020 and May 2021. The company also stated it plans to deliver a submarine to the Israeli Navy later this year.
When KLP inquired about the checks and balances conducted regarding the use of the equipment supplied, KLP said both Oshkosh and ThyssenKrupp “failed to document the necessary due diligence in connection with their potential involvement in violations of humanitarian law.”
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“Companies have an independent duty to conduct due diligence to avoid complicity in human rights and humanitarian law violations,” Aziz said.
This is not the first time KLP has pulled investments from companies linked to potential human rights violations. In 2021, KLP divested from 16 companies, including telecommunications giant Motorola, concluding they were connected to illegal Israeli settlements in the occupied West Bank.
The pension fund stated there was an unacceptable risk that the excluded companies contributed to human rights violations in situations of war and conflict through their ties to Israeli settlements in the occupied West Bank.
Last summer, KLP also divested from the U.S. company Caterpillar, whose bulldozers were being customized in Israel by the military and local companies and subsequently used in the occupied Palestinian territories.
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This latest decision follows a growing trend among major European investment funds, many of which have severed ties with Israeli companies due to their involvement in the Gaza genocide or connections to illegal settlements in the occupied West Bank. [Shibgho]
Mi’raj News Agency (MINA)
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