Kingspan, the Irish building materials company, has been fined €40 million by the European Commission for providing incorrect and misleading information during an investigation into its planned acquisition of rival firm Trimo.

The Commission found Kingspan had asserted the non-existence of key documents, misrepresented facts, and claimed it was impossible to provide information that only the company could provide. Four breaches were identified, each incurring a €10 million fine.

European Competition Commissioner Teresa Ribera said companies that withhold or distort information undermine the system that protects fair competition.

Kingspan said it noted the decision and would appeal it in full. The company is based in County Cavan and is one of Ireland's largest businesses, with a pre-tax profit of just over €850 million in 2025.

The merger investigation began in 2021 when Kingspan planned to take over Trimo, a manufacturer of insulating panels. Kingspan later abandoned the deal in 2022 after the Commission warned it could lead to higher prices.

In a separate legal action, law firm Phi Finney McDonald has filed a securities claim against Kingspan seeking over €100 million on behalf of institutional investors. The claim is linked to findings from the Grenfell Tower Inquiry in Britain regarding Kingspan's K15 insulation product.

The Inquiry's final report found that dishonesty by manufacturers contributed to Grenfell Tower being clad in combustible materials. Kingspan's share price dropped over 30 per cent during Inquiry hearings held from late 2020 to early 2021.

Phi Finney McDonald's UK head Chris Haan said shareholders rely on companies to make accurate disclosures and expect strong governance standards.