Animal health and nutrition company Alltech has agreed a deal to acquire the Co Carlow-based farming solutions and feed firm Keenan System.
Negotiations regarding a deal had been taking place for a number of weeks, with Keenan struggling financially after being impacted by a general drop-off in agriculture prices.
KPMG was appointed as receiver to the company earlier this month following unsuccessful diversification efforts by Keenan.
Keenan has 169 staff members at its Carlow base, while Alltech already employs around 100 people in Ireland.
Keenan will remain in receivership for the time being and will continue to be headquartered in Borris, Co Carlow.
Alltech has said over the next 100 days it will work together with Keenan on a plan for the company going forward and that no decision on the future of employees will be taken before then.
Alltech and Keenan say they 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.
Commenting on the deal, Founder and President of Alltech Dr Pearse Lyons 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."
This is Alltech's 14th global acquisition since 2011. The company has nearly 100 manufacturing sites around the world.
