Gestamp Automoción SA, a Spanish car parts manufacturer, has acquired a stake in a scrap recycling firm in a bet on booming demand for greener metals.

Gestamp bought a 33.33% stake in privately-held Gescrap Group for an undisclosed sum, according to a regulatory filing Thursday. Half the stake was acquired from a group controlled by Gescrap founder Iñaki Velasco and the other half from the holding family of the billionaire Riberas family, who are also the top holder of Gestamp.

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