Hesta Blasformtechnik GmbH & Co. KG is back in business as a "new Hesta" under a new management board, following the company's bankruptcy earlier this year.
German law firm Menold Bezler announced Nov. 29 that it had successfully transferred Hesta's business operations to a consortium led by former partner Gerald Weber.
Weber, who is listed as a shareholder on Hesta's website, was the former head of operations for Airbus GmbH. He left that role in 2011.
Hesta's bankruptcy was triggered by an order slump in the spring and summer of 2019, according to the law firm. Bankruptcy administrator Jochen Sedlitz, a partner and lawyer at Menold Bezler, said a "vast majority" of the jobs will be preserved.
The machinery manufacturer also announced the news on its website, stating: "Hesta emerges under new management board strengthened from the insolvency."
Plastics News has reached out to the company for additional comment.
German plastics industry publication KI-Kunststoff Information previously reported that Hesta filed for bankruptcy in August. The insolvency proceedings began Nov. 1 for the assets of Hesta, the report said.
Hesta makes extrusion blow molding machines for consumer packaging and automotive components. The company is based in Schwäbisch Gmünd, Germany.