This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Hanwha Corp is a major South Korean arms producer ranked among the world's top 100 arms-producing companies by the Stockholm International Peace Research Institute (SIPRI). Its core defense business includes manufacturing purpose-built weapons systems such as infantry fighting vehicles, self-propelled howitzers, and armored ammunition resupply vehicles. In 2023, Hanwha Corp secured a multibillion-dollar contract to build 129 infantry fighting vehicles for the Australian Army, beating out established competitors like Rheinmetall. The company also holds a 2021 contract worth $717 million to supply the Australian Army with 30 self-propelled howitzers and 15 armored ammunition resupply vehicles. Hanwha Corp's specialized products are designed and marketed explicitly for military applications, constituting a material portion of its business operations.
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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