Joint receivers were appointed to Keenan System on 12 April. It can now be confirmed that the sale has gone through.

Keenan employs approximately 200 people at its base in Borris, Co Carlow. Synonymous with introducing the mixer wagon diet feeder to Ireland, it had been rumoured that the company was in financial difficulty in recent times and needed a cash injection.

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.

This is a story about two great Irish, globally-minded companies coming together

Founder and president of Alltech, Dr Pearse Lyons, called the acquisition a "winning combination".

"This is a story about two great Irish, globally-minded companies coming together. As an Irishman, I am delighted to welcome Keenan to our family, because together we can deliver greater value to our global farming customers with a wider variety of technological solutions.

"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," he said.

Speaking about the acquisition, Alltech CEO Alric Blake said it strengthens the group's ability to deliver on-farm nutrition solutions to farmers.

"Alltech is looking for avenues to better deliver the Alltech brand to farmers and provide nutritional solutions to those who directly benefit from their use, whether in animal or crop production. 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," he said.

Alltech

Founded in 1980 by Irish entrepreneur and scientist Dr Pearse Lyons, Alltech aims to improve the health and performance of people, animals and plants through nutrition and scientific innovation, particularly yeast-based technology, nutrigenomics and algae.

Alltech has more than doubled its sales in the last four years to over €2bn. Internationally, it has been integrating its business, becoming more focused on direct sales to farmers. This is the 14th acquisition for Alltech globally since 2011.