Shares in Irish building materials firm Kingspan surged today after the company said it won a binding arbitration award of more than $40 million in the United States.
Shares in Kingspan, which shot up as much as 10 per cent, were trading higher at €3.65 by 11.45 a.m.
Kingspan said an arbitration panel awarded it $40.1 million in a fraud and breach of contract action brought against parties who sold flooring group Tate Global Corporation to Kingspan in 2001.
Kingspan paid $100 million in cash and debt for Tate.
