Spanish automotive component producer Gestamp has acquired a 33.3% stake in the Gescrap Group, Kallanish notes. It says the international recycling company is one of the European leaders in the management of high-quality scrap.
“We are convinced that this is an important milestone in the company’s history,” says Gescrap executive chief Iñaki Velasco. “Gestamp as a strategic partner is going to reinforce our commitment to leadership in new business opportunities in the world of the circular economy and recycling, sectors which are certainly in full growth,” the executive comments.
Gestamp has a circular economy business model. The automotive component supplier recycles almost 98% of its production activity waste.
The strategic investment in Gescrap will further promote the use of scrap as a secondary raw material in Gestamp’s low-emission steel output.
“We are very excited to participate in Gescrap, as this will allow us to join a profitable and growing business while reaffirming our competitive position with our clients and advancing our ESG strategy,” Gestamp executive director Francisco Riberas concludes.
No terms of the acquisition agreement were disclosed.
Todor Kirkov Bulgaria
