Kingspan awarded damages over purchase

Irish Construction firm Kingspan has been awarded more than $40m €33m in damages over its purchase of US company Tate in 2001.

Kingspan took a case last year against Tate, which installs raised access floors, accusing management of breaking the terms of agreement by not informing Kingspan of a slump in its business.

A panel of arbitrators panel found Daniel R Baker and the other sellers of Tate liable for breach of contract, common law fraud and federal and Pennsylvania securities law violations in connection with the sale of the stock of Tate to Kingspan .

The arbitrators rendered a binding arbitration award in favour of Kingspan.

"We are delighted that the binding arbitration case has been resolved in favour of Kingspan, and feel that the result vindicates the decision to proceed with the case," said Eugene Murtagh, Kingspan chairman and chief executive.

He added that the company's lawyers will move "immediately" to enforce the judgement.