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Home › Dodgy Deals ›
Dodgy Deal
Elbit SystemsIsrael

Company – Active

This profile is actively maintained
Profile by:
BankTrack
Last update: 2025-05-14 00:00:00
Head offices of Elbit Systems at Matam Hi-tech park, Haifa. Photo: CC BY 3.0 Zvi Roger

Company – Active

This profile is actively maintained
Profile by:
BankTrack
Last update: 2025-05-14 00:00:00
Why this profile?

Why this profile?

Elbit Systems manufactures armaments for states, including those involved in conflict-related human rights violations. The company is the main arms producer and supplier to Israel, which is actively engaged in a genocide of the Palestinian people, and the illegal occupation of the Palestinian territories. Elbit Systems’s acquisition of IMI Systems, a former producer of cluster munitions, also raises questions of compliance with international arms treaties.

What must happen

Banks should not finance this company. In line with the demands of the Don’t Buy Into Occupation Coalition, funding for companies supplying arms to Israel should be immediately stopped. The OHCHR has also called for the immediate end of arms transfers to Israel and highlighted the responsibility of involved financial institutions to take action.

About
Sectors Arms Industry and Trade, Aviation, Investigation and Security Services
Headquarters
Ownership
listed on NASDAQ OMX & Tel-Aviv Stock Exchange

For Elbit System's main institutional shareholder details, please click here.

Subsidiaries
Website https://www.elbitsystems.com/

Elbit Systems is a military equipment producer with a focus on defence electronics such as intelligence gathering systems.  It was established in 1967 and is headquartered in Haifa, Israel.  The company employed around 19,000 people globally in 2023. Elbit Systems mainly operates in the homeland security and defence arena with a focus on intelligence, surveillance, and reconnaissance. The company's portfolio includes airborne, land and naval systems and products for defence, homeland security and commercial applications.

Impacts

Impact on human rights and communities

Elbit Systems is directly connected to the war crimes and crimes against humanity being committed by Israel in the occupied Palestinian territories. As the producer of 85% of the Israeli military’s land and air-based equipment, Elbit Systems is connected to Israel’s ongoing illegal occupation of the Palestinian territories and the ongoing campaign against Gaza. This war has killed over 50,000 people, one third of whom were children, since October 7th 2023 (as of March 2025).

Elbit has multiple ongoing contracts with the Israeli Ministry of Defense for the supply of weapons to the Israeli Defense Forces, including recent contracts of US$144 million in 2020 and US$340 million in 2024 for ammunition, of US$60 million contract for artillery shells in 2023, and of US$40 million for drones in 2024. These weapons have been actively used in the crimes committed against the Palestinian people and contributed to a 29% increase in Elbit’s quarterly profits in September 2024 amidst the ongoing war in Gaza.

Elbit System weapons in ongoing war and targeting of civilians

Elbit is involved in the manufacture of F-16 fighter jets, described as “the workhorse of the Gaza bombing campaign” through its subsidiary, Cyclone. The company supplies the avionics and various fuel tank and door parts for the Lockheed Martin-produced jets and has been awarded a US$80 million contract from the Israel Ministry of Defense (IMOD) to install “Airborne Self-Protection Suite” on its F-16 fleet in January 2025. These fighter jets were used in attacks that led to the deaths of the 10,000 Gazans as of November 2023. Elbit Systems’ involvement in the production of F-35 fighter jets through the manufacture of the centre fuselage also ties the company to these jets’ bombing of a designated “safe zone” in Khan Younis which resulted in the death of 90 Palestinians in July 2024. Elbit Systems’ involvement in weapons production also includes collaborations with other weapons manufacturers such as Boeing for the equipment of JDAMs bombs, with lasers used in the unlawful attacks on civilian homes.

Further, Elbit is the parent company of IMI systems, the producer of M339 projectiles, which have been used in attacks that led to deaths and extensive injuries among civilians and children in Gaza. This includes an attack on the Al-Amour family’s house, and killing of 22 year old Duniana Al-Amour, which Amnesty International termed “apparently deliberate” and therefore evidence of possible war crimes.

A history of testing weapons in Gaza

Al Jazeera reports on a history of Elbit weapons being “tested on Palestinians,” and then promoted as “combat proven” to the international market, clearly demonstrating how Elbit profits from Israel’s campaigns against Gaza. The Iron Sting, a precision-guided mortar bomb used in 2023, and the Hermes 450 and 900 UAVs responsible for 37% of fatalities in Israel’s 2014 war, both secured contracts following their battle demonstrations.

Killing of Aid Workers and Journalists

Elbit Systems produces the Hermes 450 drones whose strikes killed seven World Central Kitchen aid workers in April 2024 through the successive targeting of three vehicles. Elbit’s M339 projectiles were also likely used in the strike which killed a journalist and injured six others in South Lebanon on October 13th 2023. This affiliation may connect Elbit with an attack which Amnesty has labelled as a war crime.

Cluster Munitions (illegal weaponry)

In November 2018, Elbit Systems completed the acquisition of the previously state-owned Israeli cluster munitions producer IMI Systems. Cluster munitions are prohibited by a 2008 Convention. In 2019 Elbit confirmed IMI would discontinue their manufacture.

Links with Adani and ‘Green Bonds’

Hermes 900 drones have been manufactured in partnership with Adani Defence, an Indian company associated with various human rights allegations. Adani’s green bonds have been funneled to finance its coal activities and various of its subsidiaries, potentially including its defence branch. As such, this joint venture might be indirectly tying banks, such as ING and Standard Chartered, which have underwritten Adani green bonds, with weapons financing.

Financiers

All financing under Debt - corporate loan, and Bond owner/manager is based on the period January 2021 to September 2024 (DBIO 2024).

Institution type
Finance type
Year
Governance
Norms & standards

Applicable norms and standards

Convention on Cluster Munitions
News
BankTrack
Partners
Blog
External
BankTrack news BankTrack blog Partner news Partner blog

Barclays sells all shares in Israeli weapons firm Elbit amid pro-Palestinian pressure

British banking giant has reported zero shares in Israel's Elbit Systems, down 16,345 since a previous filing, after accusations of aiding genocide in Gaza
2024-10-31 | Middle Eastern Eye
BankTrack news BankTrack blog Partner news Partner blog

AXA ends investments with “Israeli” banks; withdraws $20M

2024-08-25 | Roya News
BankTrack news BankTrack blog Partner news Partner blog

Barclays accused of enabling Israel’s militarised violence against Palestinians

2024-06-26 | AOAV
BankTrack news BankTrack blog Partner news Partner blog

Inexplicable investments: Elbit Systems and Australia’s Future Fund

2024-06-05 | Green Left
BankTrack news BankTrack blog Partner news Partner blog

ESG funds reinvest in Israeli arms manufacturer Elbit Systems after cluster munitions pivot

2023-06-12 | Responsible Investor
Blog
BankTrack news BankTrack blog Partner news Partner blog

New Report: Barclays - Banking on Apartheid

2022-07-14 | Campaign Against Arms Trade, Palestine Solidarity Campaign, War on Want
BankTrack news BankTrack blog Partner news Partner blog

Australia’s Future Fund bans investment in Elbit over cluster munitions allegations

2022-03-09 | The Guardian
BankTrack news BankTrack blog Partner news Partner blog

Nordic fund KLP excludes 14 weapons companies on ethical grounds

2021-11-04 | Reuters
BankTrack news BankTrack blog Partner news Partner blog

UK pension fund divests from Israel arms manufacturer

2021-02-12 | Middle East Monitor
Blog
BankTrack news BankTrack blog Partner news Partner blog

SumOfUs Report Exposes French Insurer's Complicity in War Crimes

Report reveals that AXA invests in banned weapons manufacturers and banks that finance illegal Israeli Settlements
2019-07-08 | SumOfUs
BankTrack news BankTrack blog Partner news Partner blog

France investment firm AXA IM divests from Israel arms manufacturer

2019-04-18 | Middle East Monitor
BankTrack news BankTrack blog Partner news Partner blog

AXA IM divests from Elbit Systems - involved in Israeli war crimes

The campaign against AXA's problematic investments continues, as AXA remains linked to Elbit Systems through an affiliate, and AXA maintains investments in five Israeli banks.
2019-04-17 | France | BDS Movement / SumOfUs
Blog
BankTrack news BankTrack blog Partner news Partner blog

Banking giant HSBC divests from Israeli arms manufacturer following pressure from human rights campaigners

2018-12-27 | London | Palestine Solidarity Campaign, War on Want
BankTrack news BankTrack blog Partner news Partner blog

HSBC ‘divests’ from Israeli arms company Elbit Systems

2018-12-27 | Al Jazeera
Blog
BankTrack news BankTrack blog Partner news Partner blog

Barclays divests from Elbit Systems

2015 | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Barclays boycotted over Israel arms trade shares

2014-11-21 | Palestine News Network
Blog
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank announces divestment from Elbit

2010-05-27 | Frankfurt | BDS Movement
BankTrack news BankTrack blog Partner news Partner blog

Swedish Pension Fund Bans Investment in Israeli Company on Ethical Grounds

2010-03-29 | Haaretz
Blog
BankTrack news BankTrack blog Partner news Partner blog

Deutsche Bank announces divestment from Elbit

2010 | BankTrack
Resources
Documents
Links
2025-05-16 00:00:00

Annual report 2024

Annual report
2025-05-16 00:00:00 | Elbit Systems
2017-07-03 00:00:00

Deadly Investments

UK bank complicity in Israel’s crimes against the Palestinian people
NGO document
2017-07-03 00:00:00 | War on Want
2018-12-17 00:00:00

Worldwide investments in cluster munitions

A shared responsibility
NGO document
2018-12-17 00:00:00 | PAX, the Netherlands
2010-04-02 00:00:00

Companies Building the Wall

Other document
2010-04-02 00:00:00 | Stop The Wall
2010-04-01 00:00:00

Boycott Elbit Systems

Other document
2010-04-01 00:00:00 | Stop The Wall
2010-03-31 00:00:00

Elbit Profile

Other document
2010-03-31 00:00:00 | Jewish Voice for Peace

Photo Story

Palestinian grassroots activists: Boycott Elbit, CRH and Magal!

Current Elbit Investors

TIAA-CREF: Divest from the occupation

War Profiteer of the Month: Elbit Systems, February 2010

Article

Scandinavian financial institutions drop Elbit due to BDS pressure Adri Nieuwhof, 19 February 2010

A big thank you

by: Ilan Pappe, 4 September 2009

Investor Relations

links to annual reports and other financial filing provided
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