Joint receivers Kieran Wallace and Cormac O’Connor of KPMG said they were confident discussions underway with Alltech to acquire the firm would ‘progress to a successful conclusion’ subject to appropriate due diligence.
An Alltech statement said: “Both Keenan and Alltech are private, family-owned companies and have long been firm friends in the field of agri-business.
“Alltech has identified various growth opportunities in the on-farm performance arena and believes Keenan could offer further technological advancement for moving farmers towards greater efficiency and profitability.”
A spokesman said Alltech’s global presence in more than 120 countries, combined with Keenan’s expertise exporting to about 25 countries, meant there were ‘opportunities for growth and synergy’.
Keenan, headquartered in Co. Carlow, employs 222 people, of which 176 are based in Ireland.
The firm has suffered losses in the last 12 months and is insolvent.
Founded in 1980 by Irish entrepreneur and scientist Dr Pearse Lyons, Alltech improves the health and performance of people, animals and plants through nutrition and scientific innovation, particularly yeast-based technology, nutrigenomics and algae.
With about 100 manufacturing sites globally, Alltech is the leading producer and processor of yeast and organic trace minerals.