After a long series of ownership changes, Pfaff has found a new controlling shareholder, Joachim Richter. This German producer of stamping machines will keep only 300 of the 400-odd workers that were employed by Pfaff before its latest receivership. They will be stationed at a new factory that Pfaff has already built north of Kaiserslautern. Joachim Richter, which employs 70 people, wants Pfaff to specialize in high-end sewing machines. Pfaff last went into insolvency on Sept. 11, 2008.