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HP V-ECON

ECONOMIC AUDIT UPDATED 2026-06-01
V-ECON Score 7.30 /10 B HP — BDS-1000 659
V-ECON 7.30

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Audit: HP

Supply Chain & Sourcing Relationships

HP Indigo, the digital printing division of HP Inc., maintains substantial research and development and manufacturing operations within Israel 1. Current production facilities are located in Ness Ziona and Kiryat Gat, Israel 1. The company operates an 11,000 square meter ink manufacturing plant in Kiryat Gat, representing a significant component of its regional supply chain footprint 2. HP Indigo was founded in Rehovot in 1977 by Benny Landa and was acquired by HP in 2001 for approximately $829 million 3. HP Scitex, an industrial printing subsidiary with Israeli origins, merged into the HP Indigo division in late 2022/2023 45. HP Scitex Ltd. remains registered as “Active” in the Israeli corporate registry despite this merger 4. Hewlett Packard (Israel) Ltd. serves as the primary procurement and distribution entity for HP products entering the Israeli market 6.

No public evidence identified of direct supplier relationships in agricultural sectors. HP is a technology company; agricultural supply chain relationships are structurally inapplicable to its business model.

Product Origin, Labeling & Regulatory Compliance

HP Indigo products manufactured in Israel carry standard Israel-origin designation for international trade purposes. The Rehovot and Ness Ziona facilities are located within internationally recognized Israeli boundaries, not occupied territories. Multiple NGO sources confirm that Hewlett Packard appears in the UN OHCHR settlement database of businesses involved in settlement activities 7. The specific UN OHCHR entry details and business activities cited have not been independently verified due to access restrictions on the OHCHR database verification portal.

No public evidence identified of settlement-origin product labeling concerns. Technology hardware products are not subject to agricultural origin labeling regulations.

Investment, Capital & Financial Exposure

The 2002 acquisition of Indigo N.V. for approximately $829 million represents the primary foreign direct investment event establishing HP’s Israeli operational presence. HP Indigo represents significant ongoing research and development and manufacturing investment in Israel 1. The HP Indigo research and development headquarters is located in Ness Ziona, with historical presence in Rehovot 13. HP Inc. (NYSE: HPQ) is a publicly traded US corporation with no Israeli sovereign or controlling owner identified. Hewlett Packard Enterprise (NYSE: HPE) is a publicly traded US corporation with no Israeli sovereign or controlling owner identified. The largest institutional holders of HP Inc. include Vanguard, BlackRock, and State Street. The Norway Government Pension Fund Global exclusion list maintained by Norges Bank Investment Management does not include HP Inc. or HPE 8. KLP excluded 16 companies in 2021 for links to Israeli settlements; HP was not specifically included in that exclusion list 9. The Irish Strategic Investment Fund divested from certain Israeli banks in 2024 but did not include HP in its divestment criteria 10.

No public evidence identified of HP Inc. or HPE holding Israeli sovereign bonds or Israeli-domiciled company equity as portfolio investments.

Operational Presence & Market Activity

Hewlett Packard (Israel) Ltd. is headquartered in Ra’anana, Israel 6. HP Indigo maintains operations in Ness Ziona and Kiryat Gat 1. HPE maintains an office presence in Israel for enterprise IT services 6. The HP Indigo workforce in Israel numbers approximately 2,400 to 2,500 employees across multiple facilities 1. Workforce reductions of 50 to 100 employees were reported in 2024 1. HP Israel and HPE Israel are registered as legal entities in Israel for tax purposes 6.

HPE provides Data Center Care services to the Israel Police under a NIS 4 million contract running from January 2024 to December 2026 6. HPE provides server maintenance services to the Israel Prison Service under a NIS 445,000 contract running from March 2025 to February 2026 6. HPE serves as the sole supplier of Itanium servers for the Aviv System population registry operated by the Population and Immigration Authority under a NIS 3,829,410 contract running from June 2023 to June 2026 6. HPE was selected to lead a new military server farm project in July 2024, providing hardware and managing construction company selection 611. HPE was selected to operate an Israeli AI supercomputer facility for defense applications in 2025 11. HPE serves as the sole supplier of computing infrastructure for the biometric identification system operated by the Israel National Digital Agency under a NIS 3,129,750 contract running from May 2025 to May 2028 6. HP does not break out Israel as a separate geographic segment in annual reports; Israel is included within the EMEA reporting segment 3. No public evidence identified of specific revenue figures attributed to Israel in HP Inc. or HPE 10-K filings.

Corporate Structure & Foundational Ties

HP Inc. was incorporated in Delaware, USA, and founded in 1939 in Palo Alto, California, with no Israeli founding 12. HPE was spun off from HP in 2015 and incorporated in Delaware with no Israeli founding 13. HP Indigo was founded in Israel in 1977 by Benny Landa before its acquisition by HP in 2001 3. The registered address of HP Indigo is 10 Einstein St., Ness Ziona, Israel 3. HP/HPE provides IT infrastructure to Israeli government bodies that administer occupied territories 6. The Aviv System population registry contains data on Palestinians in the occupied West Bank, East Jerusalem, and the Syrian Golan 6.

No public evidence identified of golden shares, founder shares, or charter restrictions tying HP to Israeli state policy objectives. No public evidence identified of HP Inc. or HPE board members with explicit defense-industry, IDF, or Israeli military affiliations 1213.

Profit Repatriation & Economic Contribution

HP Inc. and HPE are US-domiciled corporations; profits from Israeli operations flow to the US parent companies. No evidence of reverse flow, such as global profits flowing into Israel via Israeli-domiciled ownership, has been identified. HP Indigo is recognized as a significant anchor employer in the Israeli technology sector 1. HP is one of the largest foreign technology multinationals with combined manufacturing and research and development operations in Israel. HP Indigo is characterized as a major growth and profit driver within the Printing segment 3.

No public evidence identified of HP underwriting Israeli sovereign debt or war bonds. HP is a technology operating company, not a financial institution; financial-sector exposure is structurally inapplicable.

No public evidence identified of HP Inc. or HPE issuing public statements specifically addressing the July 2024 ICJ Advisory Opinion regarding Israeli occupation. Operations in Israel were confirmed continuing as of the latest available public information. No public evidence identified of HP Inc. or HPE issuing public statements regarding the November 2024 ICC arrest warrants. Operations in Israel were confirmed continuing as of the latest available public information.

End Notes

Footnotes

  1. https://en.globes.co.il/en/article-hp-indigo-laying-off-dozens-of-employees-in-israel-1001468218 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  2. http://www.labelsandlabeling.com/news/inks-coatings/hp-adds-new-ink-manufacturing-plant-israel ↩

  3. https://grokipedia.com/page/HP_Indigo_Division ↩ ↩2 ↩3 ↩4 ↩5 ↩6

  4. https://en.checkid.co.il/company/HP+SCITEX+LTD-MLJgV6d-513726026 ↩ ↩2

  5. https://en.globes.co.il/en/article-hp-merges-scitex-into-indigo-lays-off-60-1001428021 ↩

  6. https://www.whoprofits.org/companies/company/3774 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11

  7. https://bdsmovement.net/news/100-unions-movements-and-solidarity-groups-demand-hpe-inclusion-un-settlement-database ↩

  8. https://www.nbim.no/en/responsible-investment/exclusion-of-companies ↩

  9. https://www.reuters.com/world/middle-east/nordic-fund-klp-excludes-16-companies-over-links-israeli-settlements-west-bank-2021-07-05 ↩

  10. https://www.oireachtas.ie/en/debates/question/2025-04-03/19 ↩

  11. https://www.israelhayom.com/2025/02/17/will-israels-ai-supercomputer-spill-sensitive-secrets-red-flags-mount ↩ ↩2

  12. https://investor.hp.com/governance/board-of-directors/default.aspx ↩ ↩2

  13. https://investors.hpe.com/governance/bod ↩ ↩2