Kingspan fined €40 million by EU

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The company, a leading insulation manufacturer and one of Ireland’s largest domestic businesses, was hit with the €40m fine on Thursday October 8, 2026, for providing incorrect information during a 2021 Commission review of Kingspan's planned acquisition of Slovenian outfit Trimo, under the EU Merger Regulation ('EUMR').

Both Kingspan and Trimo are active in the market for mineral fibre sandwich panels used in the construction, renovation and insulation of a variety of industrial and commercial buildings.

Kingspan ultimately abandoned the takeover bid.

On 19 March 2024, the Commission sent Kingspan a ‘Statement of Objections’ setting out its preliminary view that the company had infringed the EUMR in six instances by providing incorrect and/or misleading information.

After analysing Kingspan's response, the Commission further refined its objections in a Supplementary SO, dropping two of the six objections.

Describing the four remaining infringements as “serious”, the Commission notes that, under the EUMR, it can fine companies up to one per cent of their total turnover if they intentionally or negligently provide incorrect or misleading information.

In setting the amount of a fine, the Commission said it “considers the nature, the gravity and duration of the infringement, as well as any mitigating and aggravating circumstances. The fine must also be sufficiently deterrent.”

In its decision this week, the Commission concluded that Kingspan committed four distinct infringements of the EUMR through conduct by which it, at least negligently, provided “misleading information about how Kingspan tracks penetration rates for mineral fibre sandwich panels”, a metric used to show how much a product is used compared to other products, as well as “incorrect and/or misleading information about the availability of 'bidding data'”, which are generally used in merger investigations to assess the competitive dynamics in a certain sector.

In addition, the Commission found that Kingspan had supplied incorrect information about its board members' involvement in the planned acquisition of Trimo, other acquisitions envisaged by Kingspan, and industry trends and business strategy.

Finally, the Commission also found that the company supplied “incorrect and/or misleading information with respect to Kingspan's research and development” for mineral fibre sandwich panels.

This kind of information, which usually only the company itself can provide, is key to understanding a company's position in the relevant market, the Commission said.