Construction Chemicals: Preliminary Findings from EC pricing investigation

Research evidence excerpt

Construction Chemicals: Preliminary Findings from EC pricing investigation

Update

July 20, 2026 03:05 PM GMT

Morgan Stanley & Co. International plc+MBuilding & Construction | Europe Daniel Khajenouri

Equity Analyst

Construction Chemicals: Daniel.Khajenouri@morganstanley.comCedar Ekblom, CFA +44 20 7425-3065

Cedar.Ekblom@morganstanley.com +44 20 7425-4623

Preliminary Findings from EC

Building & Construction

Europe

Industry View In-Linepricing investigation

Key Takeaways

EC issues objections to major construction chemicals firms over alleged price

collusion in cement additives and admixtures in 2021–22.

Within our coverage, Sika and Chryso (Saint-Gobain) are mentioned; neither has

commented on today's findings. Scoping the potential impact is very difficult

based on disclosures.

In 2023, the European Commission first announced an investigation into

potentially anti-competitive pricing in cement additives and concrete and mortar

admixtures (see here). We discussed the investigation at the time. Today, it has

followed up, issuing "Statements of Objections" to a number of construction

chemicals manufacturers (here), including Sika and Chryso (Saint-Gobain) within our

coverage, with its preliminary view being that they "breached EU antitrust rules by

colluding to increase prices in the supply of chemicals for cement, concrete and

mortar". Neither company has commented on the news. The investigation relates to

alleged conduct in 2021–22. The Statement of Objections is a procedural step and

does not prejudge the outcome. The companies involved can review the evidence,

submit written responses and request an oral hearing.

Three countries are covered under the investigation (with named companies).

France: Cemex, Chryso (Saint-Gobain), Mapei, Master Builders Solutions, MC