De La Salle College Waterford

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Eugene Murtagh

Kingspan Group is a publicly quoted company founded by Cavanman Eugene Murtagh. The group has five core manufacturing divisions - composite panels, insulation products, building components, environmental containers and raised access floors.

Over half of Kingspan's sales last year were sourced in Britain. Ireland accounted for 17 per cent of sales, with 13 per cent in the US and the remainder in Europe and the rest of the world. Raised access floors and composite panels make up 60 per cent of all sales.

Kingspan's ownership is heavily concentrated in the hands of chairman/chief executive Eugene Murtagh (24.79 per cent) and executive director Brendan (4.59 per cent), the two holding just under 30 per cent between them. Senior management owns in excess of 30 per cent of Kingspan, when the stakes of managing director Eoin McCarthy (2.41 per cent) and finance director Dermot Mulvihill (0.632 per cent) are taken into account.

Founded in 1979, Kingspan has operations in Ireland, England, Wales, the Czech Republic, Poland and the US. The group enjoyed sales last year of €829 million, and profits of €73.4 million. Profits dropped by 25 per cent in the first six months of 2002 following difficulties at its US subsidiary, Tate. Kingspan shares have recently traded at four-year lows and some commentators have speculated that senior management led by Eugene Murtagh could take the company private once again.