The company formerly trading under the name of Schrader Glasformenbau has a new owner.

The company has been acquired by AB-Tec Formenbau and its Managing Director, Dr Ing Karl L. Andermahr, said the company would continue to produce glass moulds and neck rings in Porta Westfalica, Germany.

The Schrader management had applied for insolvency proceedings in January 2014 and had tried to restructure the company under its own steam. But in October 2014 it initiated regular insolvency proceedings and was sold within three months.

"As a first step we need to regain the trust of the customers," said Dr Andermahr. He said first talks with customers had gone well. "The customers support AB-Tec Formenbau, the company succeeding Schrader," he continued.

As all machinery and all 111 staff have been retained, quality and reliable deliveries are guaranteed, he added.