Cemex headquarters in Spain was raided yesterday by Spanish anti-trust authorities who were searching for information that might indicate the company is guilty of price fixing.

The third largest cement maker in the world stated in a report to the US Securities and Exchange Commission that the investigation is an ongoing attempt to find building materials companies in Spain that are fixing the prices of their services and products.

According to the report, if guilty companies are discovered they will face fines that could total up to 10% of the year’s sales volumes.

Cemex was also under investigation last year by the European Commission when it was indicated that the cement sector may be involved in cartel activity. It is not known if the new Spanish investigation is linked to this prior probe by the EU.