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Kingspan faces EU charges on deal info

The European Commission has alleged that insulation company Kingspan provided “incorrect, incomplete and misleading information” during a 2021 investigation into a proposed acquisition by the company.

Kingspan abandoned the plan to buy Slovenian firm Trimo in 2022. Both companies produce and distribute mineral-fibre sandwich panels.

After its probe into the proposed deal, the commission had outlined its concerns that it could affect competition in some markets for building materials.

The EU body subsequently opened an investigation into the information Kingspan had supplied about the proposed acquisition.

Opportunity to reply

In a statement of objections, the commission said that it had taken the preliminary view that Kingspan “intentionally, or negligently, provided incorrect, incomplete and misleading information” on facts related to Kingspan's internal organisation, as well as other issues linked to the products and markets affected by the deal.

The sending of the statement does not pre-judge the final outcome of the investigation, and the Irish company will be given the opportunity to reply to the commission.

The commission has the power to fine a company up to 1% of its annual worldwide turnover for providing incorrect, incomplete, or misleading information.

Kingspan to 'reflect carefully'

“Companies must supply accurate and complete information during our merger investigations. This is essential for merger reviews to remain both speedy and effective,” said Margrethe Vestager (commissioner in charge of competition policy).

In a statement, Kingspan said that it had fully co-operated with the commission throughout the Trimo process and the subsequent investigation.

“While we do not agree with the commission’s preliminary conclusions, we will reflect carefully on them and work with our legal advisers in responding to the commission,” the company added.