The total consideration for Ondura was put at €550 million, with the existing management teams being retained.

Mr Murphy will take up his position with the Cavan-based company from October 1st.

Revenue for the first half of this year was up 42% to €4.2 billion.

A trading profit in the region of €415 million is expected, which would be a significant increase on the same period last year.

'We invite the international business community to follow this example by withdrawing completely from Russia and relocating their businesses in Ukraine'

The awards celebrate homegrown businesses, as well as those who have chosen Ireland as their home.

Kingspan products will no longer be available for sale in Russia.

Gene Murtagh, CEO of the Kingscourt-based business, said increased energy costs will likely provide a higher demand for their products going forward.