Global Building Products: Cement/Building materials sector snippets and implications

Research evidence excerpt

Global Building Products: Cement/Building materials sector snippets and implications

Global Building Products

10 July 2026 Citi Research

▪ Citi’s view: We believe, Reinvesting trapped Russian earnings allows Heidelberg

Materials to preserve value from cash that cannot be repatriated, while supporting

regulatory compliance and the competitiveness of its local operations. However,

the decision may increase ESG, geopolitical and reputational risks, as investor

scrutiny remains high for companies maintaining a significant presence in Russia.

Saint-Gobain reinforces its construction chemicals offer for non-residential and

infrastructure with the acquisition of Xypex (Saint-Gobain, 06th July 2026)

Saint-Gobain has agreed to acquire Xypex, a Canada-based global leader in

crystalline waterproofing admixtures and coatings, with expected 2026 sales of

C$110m and operations spanning more than 100 countries. Xypex is a well-

established brand in infrastructure and specification-driven construction markets,

particularly in North America, Asia-Pacific and Europe. The acquisition will expand

Saint-Gobain’s construction chemicals platform by adding a highly differentiated

waterproofing technology that complements its existing portfolio of membranes,

liquid-applied systems, injection solutions and repair technologies.

The deal strengthens Saint-Gobain’s position in attractive non-residential and

infrastructure end-markets, including transportation, water and underground

construction. Xypex’s crystalline waterproofing solutions improve the durability

and lifespan of concrete structures, reducing maintenance requirements and

supporting sustainability objectives. The company’s flagship products, such as

Admix C-Series, Concentrate and Bio-San, are widely specified by engineers and