Belgium's giant TVH equipment and parts business is in the final stages of an ownership reshuffle.

According to a report in De Tijd, the reshuffle sees the Vanhalst family taking full control of the Mateco machinery division, in which it previously held a 50% stake.

TVH headquarters

Meanwhile, the Thermote family has control of the TVH Parts division, with a 60% stake. It is reported that Pascal Vanhalst is working with the Thermotes to offload his family's 40% interest in the parts business.

While the major assets have been divided, both families retain their interests in TVH Equipment nv, the Belgian branch of Mateco. The business "where it all started 50 years ago remains in the hands of both families through a joint venture", according to the report.

It notes that the business has a strong emotional connection with both families and the joint venture demonstrates an amicable split. TVH has not commented on the report.