Procter & Gamble ECONOMIC

Research update, 10 September 2026: the dated extension below supersedes the original research’s absence findings concerning historical Barkan sourcing, continuation of Avgol sourcing after 2022, and publicly announced Israeli startup investment. Original research is retained for comparison; use the extension when interpreting those findings.^{1, 2, 3, 4}

Supply Chain & Sourcing Relationships

Avgol’s 2021 annual report identifies P&G as its largest customer, accounting for 36.4% of consolidated revenue in 2021, compared with 29.7% in 2020 and 37.3% in 2019; it describes a relationship lasting more than 15 years and an agreement for 2021–2022 signed at the end of 2020 ⁵.

Avgol’s 2023 presentation records P&G’s 2022 Supplier Excellence Award for service to its Baby Care Business Unit; these issuer sources establish historical group-level sourcing, without identifying the factory supplying P&G or establishing continuation to September 2026 ^{5, 6}.

P&G’s Israel careers page states that P&G Israel has operated as part of a distributor market since 2001, supporting the existence of an Israeli consumer-goods distribution presence but not identifying supplier contracts, importer-of-record status, or named suppliers ⁷.

A 2026 proposed Pampers consumer-class settlement notice names The Procter & Gamble Company, Procter & Gamble Israel M.D.O. Ltd., M.M.S. Multi Marketing Services Ltd., and Diplomat Distributors (1968) Ltd. as respondents regarding marketing of Pampers Premium products in Israel from April 2022 ⁸.

The settlement notice does not establish the respondents’ contractual roles, fault, importer-of-record status, supply-chain responsibilities, or any settlement-related activity ⁸.

P&G’s public responsible-sourcing material sets global expectations for external business partners, but the reviewed policy does not describe an Israel- or occupied-territory-specific sourcing policy ⁹.

No public evidence identified of direct procurement by P&G from named Israeli agricultural exporters, recurring counter-seasonal agricultural sourcing, an Israeli agricultural importer-of-record entity, or white-label Israeli agricultural supply.

No public evidence identified of a verified P&G procurement relationship with a supplier operating in a West Bank settlement or other occupied-territory location.

Product Origin, Labeling & Regulatory Compliance

P&G’s Israel careers page identifies local availability of brands including Pantene, Head & Shoulders, Gillette, Oral-B, Fairy, Pampers, Ariel, Tide, and Always ⁷.

The reviewed P&G source does not identify the manufacturing origin of those brands or establish that any product or input originates in a settlement, the West Bank, East Jerusalem, the Jordan Valley, or the Golan Heights ⁷.

No public evidence identified of P&G products labelled “Produce of Israel” that were confirmed or suspected to originate in occupied territory.

No public evidence identified of a P&G-specific government enforcement action, customs audit, or public corporate policy addressing origin labelling or sourcing from occupied territories.

P&G’s responsible-sourcing page addresses broad human-rights expectations for external partners, without setting out Israel- or OPT-specific labelling or sourcing requirements ⁹.

Investment, Capital & Financial Exposure

P&G’s current subsidiary exhibit lists P&G Israel M.D.O. Ltd. with Israel as its jurisdiction as of June 30, 2025 ¹⁰.

The exhibit does not disclose the subsidiary’s ownership percentage, investment value, acquisition date, assets, revenue, workforce, or operating functions ¹⁰.

P&G’s current Israel careers page and global locations selector support continuing Israel-facing market activity ^{7, 11}.

P&G’s FY2025 annual report provides consolidated reporting and does not separately disclose Israeli revenue, assets, tax payments, investment value, properties, market share, or Israel-specific holdings ¹².

No public evidence identified of P&G holding Israeli sovereign bonds, Israel-focused funds, or publicly disclosed portfolio investments in Israeli-domiciled companies.

No public evidence identified of P&G acquiring an Israeli operating company or currently controlling an Israeli manufacturer, R&D centre, innovation lab, data centre, logistics hub, or real-estate investment.

[pre-2020] UNECE identifies P&G’s Israel House of Innovation as one of its innovation centres, founded and managed by Sophie Blum; the source establishes a historical innovation presence without confirming its current status, staffing, investment value, or ownership of premises ¹³.

The 2005 Israeli competition notice records regulatory review of the global P&G/Gillette merger, but it does not identify an acquired Israeli operating company, local acquisition price, local asset transfer, or current operational status ¹⁴.

Operational Presence & Market Activity

P&G officially includes an Israel/Hebrew market site in its global location selector ¹¹.

P&G Israel states that its brands are present in 98% of Israeli households, which is a company statement of household reach rather than a disclosed market-share, revenue, workforce, or production figure ⁷.

The 2026 Pampers settlement notice supports marketing activity in Israel from April 2022, while not establishing the scope of operations, product origin, or local distribution arrangements ⁸.

P&G’s Israel accessibility page gives a customer-contact postal address for “Procter & Gamble Israel Ltd.” at 150 Menachem Begin Road, Tel Aviv–Jaffa 6492105 ¹⁵.

The reviewed sources do not establish whether “Procter & Gamble Israel Ltd.” is the same legal entity as P&G Israel M.D.O. Ltd. listed in P&G’s subsidiary exhibit ^{10, 15}.

P&G’s FY2025 annual report states that the company owns or operates 75 manufacturing sites outside the United States, but does not identify Israel as a manufacturing location ¹².

That filing-scoped omission is not evidence that P&G has no manufacturing activity in Israel ¹².

No public evidence identified of a P&G-operated Israeli warehouse, confirmed operational office in a primary corporate filing, retail site, Israel-specific workforce figure, Israel-specific tax payment, or operations site within settlements.

Corporate Structure & Foundational Ties

The ultimate reporting parent is The Procter & Gamble Company, an Ohio corporation with principal executive offices at One Procter & Gamble Plaza, Cincinnati, Ohio, and NYSE-listed common stock under ticker PG ¹².

P&G’s FY2025 annual report states that the company was incorporated in Ohio in 1905, was first established as a New Jersey corporation in 1890, and developed from a Cincinnati business founded in 1837 ¹².

The FY2025 annual report identifies corporate headquarters in Cincinnati and principal regional offices in Switzerland, Panama, Singapore, China, and the United Arab Emirates, without identifying Israel as a corporate or regional headquarters ¹².

P&G Israel M.D.O. Ltd. appears in the company’s June 2025 subsidiary exhibit as an Israeli-jurisdiction subsidiary ¹⁰.

The 2005 Israeli competition notice identifies P&G as a filing party in the P&G/Gillette merger review and provides a Cincinnati address, constituting historical regulatory evidence rather than evidence of Israeli founding or control ¹⁴.

P&G’s 2025 proxy identified The Vanguard Group and BlackRock, Inc. as the only disclosed beneficial owners above 5%, with reported holdings of 9.60% and 6.65% respectively as of June 30, 2025 ¹⁶.

Neither disclosed holding reached 10% in that proxy disclosure ¹⁶.

No public evidence identified of Israeli state ownership, government-appointed directors, golden shares, Israeli tax residence of the U.S. parent, Preferred Technology Enterprise status, or comparable governance mechanisms tying P&G to the Israeli state.

P&G reported that Shailesh Jejurikar became President and CEO effective January 1, 2026, while Jon Moeller became Executive Chairman on that date ¹⁷.

P&G’s 2026 proxy identifies Jejurikar as Chairman, President, and CEO and Andre Schulten as CFO, and states that Jejurikar became Chairman effective August 1, 2026 ¹⁸.

Profit Repatriation & Economic Contribution

P&G’s FY2025 annual report states that its products are sold in approximately 180 countries and territories, but does not separately disclose Israeli revenue, profit, assets, tax paid, dividends, or cash-repatriation flows ¹².

P&G Israel M.D.O. Ltd.’s inclusion in the subsidiary exhibit establishes a disclosed Israeli group entity, but the reviewed material does not document the direction, amount, timing, or mechanism of Israel-related profit flows ^{10, 12}.

No public evidence identified of a government or industry designation of P&G as a key Israeli employer, sector anchor, infrastructure provider, or critical economic actor.

P&G’s public political-involvement page links annual disclosures concerning Good Government Fund contributions and political-association dues, including 2023 disclosures ¹⁹.

The Federal Election Commission identifies the P&G Good Government Fund as an active corporate PAC connected to The Procter & Gamble Company and reports $130,318.71 in receipts and $25,500 in contributions to other committees for January 1 through September 30, 2025 ²⁰.

P&G’s 2024 year-end federal lobbying-contribution filing reported “No Contributions” in its contribution field and did not name an Israel- or Palestine-related recipient, which is a filing-scoped result only ²¹.

Extended Research - 10 September 2026

Avgol sourcing: continuation and contractual scope

Avgol’s 2025 annual report records P&G sales of US$110.836 million in 2023, US$118.907 million in 2024, and US$116.758 million in 2025; P&G represented 31.1% of Avgol’s 2025 consolidated revenue. These are supplier revenues, not P&G donations or P&G’s share of profits.¹

Note 23 describes a framework agreement signed in August 2019 covering 1 January 2019 through 31 December 2026, supplemented by regional agreements. Purchase orders determine actual supply; the framework does not guarantee quantities. This establishes post-2022 performance and a disclosed contractual term extending into 2026, without proving September 2026 deliveries.¹

The same report says Israel accounted for approximately 10% of group production. It does not allocate P&G purchases among factories; the full global customer total must not be attributed to Israeli production or settlements.¹

Historical Barkan supply: primary-source confirmation and closure

Avgol’s 2020 annual report, section 1.11.4 (PDF page 23), explicitly states that a Barkan production line supplied P&G with a specific product. It attributes the decline in P&G revenue primarily to the site’s closure, alongside COVID-related effects on P&G production. This resolves the earlier facility-attribution gap: historical supply from Barkan is directly documented by the supplier.²

Avgol’s second-quarter 2021 report, section 2.10 (PDF page 6), records vacating Barkan on 24 March 2021 after restoration work. Continued purchases from Avgol therefore do not, by themselves, demonstrate continued purchases from Barkan.³

AFSC identifies Barkan as a settlement industrial zone in the occupied West Bank. Its primary-source leads were retrieved for this extension from Avgol’s own investor archive after the original Israeli securities-host URLs failed.^{2, 3, 22}

Israeli startup investment and commercial collaboration

Moodify’s 25 October 2021 announcement identifies P&G as a key equity investor in its US$8 million financing round and describes Moodify as an Israeli startup. The total is the financing round, not P&G’s individual investment. P&G’s contribution, percentage ownership and present holding were not disclosed in that announcement.⁴

Moodify’s 28 September 2023 announcement subsequently records P&G’s selection of Moodify White for fragrance development, including an attributed statement from P&G’s Chief R&D and Innovation Officer for Fabric & Home Care, Flavor & Fragrances. It documents a commercial development relationship, without disclosing contract value or confirming current ownership.²³

Grin’s own funding announcement also names P&G among investors and quotes P&G Health Care’s CEO. That announcement does not establish the investment recipient’s Israeli legal domicile or the amount attributable to Israeli operations; those remain unresolved.²⁴

Innovation presence and remaining limits

In an interview published by CTech, P&G innovation director Orr Hameiri describes taking responsibility for P&G’s Israeli innovation activities after previously handling local accounting, tax and payroll. This provides evidence of staff functions beyond a distributor listing, but does not establish present staffing, owned laboratories, expenditure or a current facility footprint.²⁵

The Israel Innovation Authority retains a P&G profile dated 20 November 2023. Its short company description contains no grant amount, active-project details or continuing agreement terms; the existence of the profile alone does not establish those matters.²⁶

No public evidence identified in this extension of current P&G sourcing from an operating settlement facility, quantified P&G purchases from Avgol’s Dimona plant, current P&G ownership percentages in Moodify, or current expenditure and staffing at the Israel House of Innovation. These remaining gaps do not negate the historical Barkan supply or the subsequent group-level sourcing and investment documented above.^{1, 2, 3, 4, 25, 26}