Ashot-Ashkelon Industries Ltd
ASHO
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exclusion reason
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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.
Ashot Ashkelon Industries is an Israeli defense manufacturer and the sole provider of transmission units for Israel's Merkava battle tank and Namer armored personnel carrier, producing the RK-325 transmission under license from German firm Renk. AFSC Investigate documents that following October 2023, Ashot experienced a sharp increase in Israeli Ministry of Defense orders, with its share price rising 132% in the first year and 250% from 2022-2025. In February 2026, the Israeli MOD signed an approximately $42 million contract with Ashot for rehabilitation of Merkava tank transmissions. The company was formerly controlled by Elbit Systems (via IMI Systems) until FIMI Opportunity Funds acquired 84% in 2022. Ashot's U.S. subsidiary Reliance Gear (Addison, Illinois) enables the company to receive components through the U.S. Foreign Military Sales program.
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