Alltech, the global animal nutrition business headed by Dr Pearse Lyons, paid just €3.2m to take control of Richard Keenan & Co, filings show. Alltech bought the agricultural machinery maker out of receivership, rescuing 200 jobs.
Keenan was one of the shining lights of the agribusiness sector here, exporting its green feeder wagons around the globe. It hit financial difficulties after expanding into farm management software.
It had sales of €32m in 2013, the last year for which accounts are available.
The company had debts of €14m, half owed to Bank of Ireland, when receiver KPMG was called in.
Alltech is based in the US state of Kentucky and has expanded rapidly in recent years. Keenan was its 14th acquisition since 2011.
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Keenan was started by Richard Keenan in 1978. His son Gerard was executive chairman at the time of the sale to Alltech.