Hans Liebherr has agreed to transfer his shareholding in manufacturer Liebherr-International AG to his brother Willi and sister Isolde Wagishauser. Previously the three, the children of company founder Hans Liebherr, had an equal share in the company.

A statement from the company said that there was “agreement on the need for the family to continue to exercise active entrepreneurial influence at Liebherr. From today’s standpoint it is clear that such activity on the part of Hans Liebherr’s family will not continue in the next generation. Hans Liebherr wishes this situation to be taken into account at an early stage so that those to whom the future of the company as a whole is entrusted can bear the sole responsibility for charting its progress and making important corporate decisions.”

The decision was reached at the meeting of the supervisory board on 21 June, when Willi Liebherr took over as president from his brother under the usual rotation principle. Hans Liebherr remains a member of the supervisory board.

The company also announced group turnover up 9% in 1998 to SFr 4,993m ($3,329m) and profit down from 1997’s SFr 163m ($109m) to Sfr 134m ($89m).