The sons of two top officials of Haitian International Holdings Ltd. have passed the reins to their sons to run the Chinese company's German press making operation, Zhafir Plastics Machinery GmbH.
Zhafir's new managing directors are Steffen Franz, son of Helmar Franz, who was Zhafir's CEO, and Zhang Bin, the son of Haitian International CEO Zhang Jianming.
Helmar Franz also is executive director and chief strategy officer of Haitian International, as well as a member of the board of directors of the plastics machinery manufacturer in Ningbo, China. He will retain those positions.
Zhafir has operations in Ebermannsdorf, Germany, and Ningbo.
Steffan Franz, in addition to his new role as a managing director, will continue as Zhafir's technical director.
Zhang Bin has earned an engineering degree at the University of Nottingham in the United Kingdom. His responsibilities in the new management team include strengthening the relationships between Zhafir Germany and Zhafir Ningbo, and with the head office of Haitian International.
Helmar Franz will remain a shareholder in the German company.