Kingspan fined €40m for competition breach
Kingspan was fined for providing the European Commission with incorrect information during a competition investigation.
Kingspan fined €40m for competition breach
Kingspan is one of Ireland's largest businesses, valued at around €18bn
Kingspan, the Irish building materials company, has been fined €40m (£33.9m) by the European Commission after it was found to have supplied incorrect and misleading information during a competition investigation.
In 2021, Kingspan intended to acquire Trimo, a competitor that makes insulating panels.
That deal triggered scrutiny under European Union (EU) merger rules to ensure it would not substantially lessen competition.
The commission has now concluded that Kingspan gave misleading information during that process.
In 2022, Kingspan said it would not go ahead with the Trimo deal after the watchdog warned it could result in higher prices.
The commission then launched an investigation to determine whether Kingspan had provided incorrect and misleading information.
An interim finding said Kingspan had breached the rules on six separate grounds, but Thursday's final ruling cut that to four breaches.
It was fined €10m (£8.5m) for each breach.
The commission said Kingspan's behaviour caused delays in the merger investigation and made it harder to properly assess the transaction.
It found that Kingspan had claimed certain key documents did not exist, misrepresented facts, or said it was impossible to provide key information that only the company could supply.
"When companies withhold or distort the truth, they undermine a system that protects fair competition for everyone," competition commissioner Teresa Ribera said.
"There can be no compromise on disclosure and transparency. If they fail to do so, we do and will act firmly."
Kingspan, which is based in County Cavan, is one of Ireland's largest businesses.
It made a pre-tax profit of just over €850m (£720m) in 2025 and is currently valued at around €18bn (£15.3bn).