TVH has acquired all the assets of family-owned forklift sales and rental company Euro Forklifts for an undisclosed sum.

TVH now owns all Euro's short and long-term forklift rental contracts and the resulting rights and duties; used forklifts in stock; spare parts; workshop equipment; and technical information.

Euro's owner Marc de Smet and his staff will be part of TVH from this week, a TVH statement said.

According to a Het Laatste Nieuws report, Euro Forklifts was established in 1963 in a property on the Gentse Baan, between Sijsele and Maldegem. In 1985, Euro became the exclusive Caterpillar dealer for west and east Flanders. In 1997, about EUR1.5 million (USD1.88 million) was invested in new premises in Bruges. Business flourished and the company had a turnover of EUR3 million (USD3.77 million) and employed 17. The number of workers has since dropped to 10 and turnover has "plummeted", the news report said.