CURRENT ACCOUNT: No news yet from Kingspan on the arbitration process in which it is engaged in the US relating to its acquisition of the Tate flooring business in early 2001.

Sources close to the company said the first part of the process, which began in January, involved the calling of witnesses from both parties to be heard by a panel of three arbitrators. This was expected to last for a few weeks before the arbitrators adjourned to consider their decision.

The company was rumoured to be hoping to realise up to €80 million in redress for the disappointing acquisition, for which it paid $120 million (€111.5 million) only to find that major contracts failed to materialise. Market sources believe, however, that a much more modest gain may be in prospect.

Whatever the outcome, given that the process has been running for a few weeks now, a decision must surely be imminent.

After all, the whole point of arbitration is that it is a speedier, more efficient means of obtaining a resolution than more cumbersome court procedures.