In 2017, CalSTRS designated Hexagon Composites as “Under Review” for potentially having ties to Iran. In 2018, CalSTRS removed the company as it no longer holds any of the company’s securities.
In 2017 the U.S. state of California listed Hexagon Composites as a company under review for reportedly providing lightweight composite cylinders for the storage of gases in Iran.
"… By way of background, Hexagon provided one cylinder (pressure vessel) to Iran in 2016 for package studies.
…Hexagon also has strict internal controls that will actively prevent any business with Iran in the future. As you note, in 2019, the California Public Employees’ Retirement System (“CalPERS”) did not identify Hexagon as having involvement in any activities targeted by the 2019 California Public Divest from Iran Act. Please be advised that Hexagon recently responded to an inquiry from CALPERS, confirming that Hexagon has no ties to Iran. Thus, as requested please consider this official communication from Hexagon confirming complete cessation of Iran business. We request that United Against Nuclear Iran update the Iran Business Registry accordingly.”" (Response 6/9/2020)