Receiver appointed to cattle-feed firm
Published 13/04/2016 | 02:30
An Irish machinery and nutrition company is currently being run by receivers after earlier attempts to engage an investor in the company fell through.
According to a statement issued yesterday, advanced discussions are under way to sell the business to Alltech, the US animal nutrition company.
Based in Borris in Co Carlow, Richard Keenan & Company Ltd has been in business for 38 years, and has been at the forefront of animal nutrition with its feeder wagons and advice.
Following a request from the directors of the company after discussions with a potential investor concluded unsuccessfully, joint receivers have been appointed to the company which trades as Keenan System.
The business employs 222 people, 176 of them in Ireland. It has recently suffered losses and is insolvent.
The business will continue to trade under the receivership, and makes diet feeders and mixer wagons for cattle. It also provides a technology based review and support service to farmers. Keenan System is a well-established brand with a strong track record in the production of quality machinery.
Kieran Wallace and Cormac O'Connor of KPMG have been appointed joint receivers and will seek to sell the business. They are confident that discussions with Alltech will progress to a successful conclusion, subject to appropriate due diligence. A successful outcome would secure the business and employment at Keenan System.