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.
Poongsan Corporation, a core subsidiary of Poongsan Holdings, is a specialized manufacturer of purpose-built military munitions. Its defense products — 5.56mm ammunition, 155mm artillery shells for K9 self-propelled howitzers, and eight-inch projectiles — are developed and marketed explicitly for military application. Most ammunition production supplies the Korean military, with exports to Poland and Romania.
Poongsan has held a government permit to produce munitions since the early 1970s, with a stated mission of supporting South Korea's defense self-sufficiency. Its products are benchmarked in international procurement; a 2014 Commission on Audit finding in the Philippines cited a unit price from Poongsan Corporation as a market comparator for ammunition.
A 2024 article in The Korea Times valued the standalone munitions division at approximately 1.5 trillion won ($1 billion), noting its "dominant position in Korea's munitions market." The company has no public commitment to exit or demilitarize this core business.
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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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