Conor O’ Riain, Chief Executive of the Dublin Port-based environmental cement company, Ecocem says his company would co-operate with any Competition and Consumer Protection Commission inquiry into the industry, though he tells the Irish Times that Ecocem has not been contacted by the Commission.

This follows confirmation of yesterday’s Sunday Business Post story that the Commission, supported by Gardai, raided the Platten Co Meath offices of Irish Cement last week in an investigation into the €50m bagged cement sector.

Irish Cement issued a statement commenting on the raid: “Irish Cement fully facilitated the inspection and is continuing to co-operate with CCPC. Inspections regarding competition policies, procedures and practices are an accepted part of the business environment around the world.”

It continues to say that Irish Cement "operates to the highest business standards across all elements of its operations and is confident that it has no issue in relation to competitive practice."

It is understood the inquiry is focussed on the possible abuse of a market dominant position which is an offence under Irish and European law.