Brother and sister Willi and Isolde Liebherr have assigned an undisclosed proportion of their shares in Liebherr International, the Liebherr group's parent company, to their children.
This will see Jan Liebherr, Stéfanie Wohlfarth, Sophie Albrecht and Patricia Rüf take over various duties and responsibilities in the company.
According to Liebherr, the company's future management structure will see individual group divisions jointly managed by either Isolde or Willi Liebherr, along with a family member from the next generation.
"The way is now clear for the future management of the Liebherr Group, and to ensure that Liebherr will remain an independent family-owned company," the company said in a statement.
Liebherr was established in 1949 by Isolde and Willi Liebherr's father, Hans Liebherr.
According to the Yellow Table, International Construction's ranking of the world's largest construction equipment manufacturers, Liebherr is the fifth largest company in the industry, and the largest privately-owned construction equipment manufacturer.