The sale, last year, of baggage handling systems maker VanderLande Industries pushed net earnings of SHV to €1.3bn from €700m in 2017, the Financieele Dagblad said on Wednesday.

Utrecht-based SHV is 100% owned by the Fentener van Vlissingen family, one of the Netherlands’ richest industrial dynasties.

SHV investment company subsidiary NPM Capital sold VanderLande to Toyota Industries for €1.2bn, which SHV CEO Jeroen Drost termed ‘an exceptionally successful divestment’.

Last year was the first since 2013 that SHV has reported full-year net earnings above the €1bn mark. NPM was owner of VanderLande for nearly 20 years and it sold the global market leader of transport handling systems at the moment its sales and operating profit were at their peak.

SHV, which with a payroll of 60,000 is one of the largest family-owned companies in the Netherlands, had mixed results from its other businesses last year.

Self-service South American wholesaler Makro reported earnings fell back sharply, but heavy transport firm Mammoet and technical goods wholesaler fared better. Makro is now active only in South America with 165 outlets – its interests in Europe and Asia were sold fairly recently.

Aside from VanderLande, the NPM unit also sold Blauwhoed, Auping and Abird, but took stakes in online supermarket Picnic and fashion chain SuitSupply. Parent SHV expanded is energy arm with the acquisition of Total Belgium. SHV Enegy made its first step into the US market when it took over Pinnacle Propane.