Oslo (Agencies): Norway’s largest pension fund, KLP, has announced it is pulling investments from two major defense-linked companies—Oshkosh Corporation (USA) and ThyssenKrupp (Germany)—due to concerns over their continued sales of military equipment to Israel amid the ongoing conflict in Gaza.
In a statement, Kiran Aziz, Head of Responsible Investments at KLP Kapitalforvaltning, confirmed the decision followed United Nations reports highlighting the companies’ involvement in supplying equipment potentially used by the Israel Defense Forces (IDF) during operations in Gaza. KLP concluded that both firms were in breach of its ethical investment guidelines.
The fund previously held $1.8 million in Oshkosh and nearly $1 million in ThyssenKrupp shares. Oshkosh acknowledged selling military vehicles and parts to Israel, while ThyssenKrupp confirmed longstanding ties with the Israeli Navy—including delivery of four Sa’ar 6 warships and an upcoming submarine shipment.
Founded in 1949, KLP manages $114 billion in assets, serving over 900,000 public sector employees. The divestment reflects growing calls for ethical accountability in global finance, especially as scrutiny over arms sales linked to the Israel-Gaza conflict intensifies across Europe.