Alltech has stepped in at the last minute to save Irish animal nutritional and machinery company Keenan from closure.
Keenan was previously in talks with Alltech regarding a deal to purchase the County Carlow-based company but both have now confirmed the acquisition for an undisclosed amount.
Keenan System had been placed in receivership on April 12 but around 200 jobs have been saved following the announcement.
For weeks speculation was mounting that Keenan was in financial difficulty and that efforts were being made to find cash investors.
Alltech and Keenan have identified possible growth opportunities together, which may include nutritional technologies and feeding programmes focused on feed efficiency and herd health as well as advanced ration formulation.
Alltech said Keenan System is now part of its family of companies, and that this is the 14th acquisition for Alltech globally since 2011.
Dr Pearse Lyons, the founder and president of Alltech, said: “Between Alltech’s primacy in science and Keenan’s manufacturing strength and technological know-how, we have a winning combination for delivering greater farm efficiency and profitability direct to our farming customers.”
Alltech and Keenan have identified possible growth opportunities together, which may include nutritional technologies and feeding programmes focused on feed efficiency and herd health as well as advanced ration formulation.
Alltech chief executive officer Alric Blake said: “Science and technology are at the forefront of everything we do.
“This new journey with Keenan further strengthens our ability to deliver on-farm nutrition solutions.”
Keenan will remain headquartered in Borris, County Carlow. Together Alltech and Keenan employ nearly 300 people in Ireland and close to 5,000 globally.
