Thyssenkrupp
TKAMY
Industrials
2
exclusion reasons
2 themes
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.
Thyssenkrupp’s Marine Systems division has a long-standing supply relationship with the Israeli Navy. According to the WhoProfits research center, the company has supplied Israel with Dolphin-class submarines and Sa’ar 6-class corvettes. These vessels are used by the Israeli Navy, which operates in and enforces the blockade of the Gaza Strip, a territory under Israeli occupation.
In December 2024, Norway’s largest pension fund, KLP, excluded Thyssenkrupp from its portfolio. The fund stated the exclusion was due to the company’s sale of corvettes and submarines to Israel, which are used in ways that represent “serious and systematic breaches of international law.” KLP cited the company’s independent duty to avoid complicity in violations of fundamental human rights and humanitarian law. The fund’s decision followed a warning from UN experts in June 2024 that the transfer of weapons and ammunition to Israel may constitute serious violations and risk complicity in international crimes.
Thyssenkrupp is a major arms producer, ranking 63rd on the SIPRI Top 100 list of the world’s largest arms-producing and military services companies. Its subsidiary, Thyssenkrupp Marine Systems (TKMS), is a leading naval shipbuilder specializing in military vessels, including submarines and frigates. The company actively markets these purpose-built weapons platforms to global militaries, with recent contracts including submarine construction for Singapore and a strategic partnership with India's Mazagon Dock Shipbuilders. The business is material to the group, with TKMS being prepared for a capital raise and spin-off amid increased European defense spending.
Research Sources
2 organizations
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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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