A spokesperson for that global animal nutrition group told us: “We see a lot of synergies with this move.”
Both companies said they had identified various growth opportunities in the on-farm performance arena, which may include nutritional technologies and feeding programs focused on feed efficiency and herd health as well as advanced ration formulation.
Alltech’s primacy in science and Keenan’s manufacturing strength and technological know-how combined could offer further technological advancement for moving farmers towards greater efficiency and profitability, they added.
Keenan is a family-owned company with a "long track record" in the manufacture of diet feeders and mixer wagons that aim to produce an optimal mix of feed for cattle with the goal of increasing yield and quality from herds. Keenan also provides a technology based review and support service to farmers.
The equipment firm has sales in 25 countries and it employs 222 people, of which 176 are based in Ireland.
Financial challenges
But the machinery firm had suffered financial losses of late and is insolvent.
Industry sources said Keenan has been seeking outside investment for the past 12 months.
KPMG were appointed as joint receivers to the equipment manufacturing business earlier this month.
They said then they were confidence of a buy-out of the business by Alltech, following a thorough due diligence process, and such an acquisition would secure the business and jobs.
Keenan, said Alltech, will continue to be headquartered in Borris, Co Carlow.
Building assets
The purchase of Keenan brings to 14 the total number of companies Alltech has acquired since 2011.
Last year saw Alltech acquire a number of assets. In November 2015, it announced it was to take ownership of Canada’s Masterfeeds.
The opportunity to do so came about through Alltech’s acquisition of US feed nutrition producer, Ridley, a few months earlier.
Ridley had a 30% shareholding in the Canadian feed maker, which gave Alltech the footing to, subsequently, purchase all remaining shares in Masterfeeds.
Meanwhile, in July last year, Alltech extended its reach in the Norwegian dairy and aqua markets through the purchase of Produs and Produs Aqua.
And, in February 2015, it bought UK farm environmental assessment tool provider, E-CO2.