Receivers appointed to diet-feeder maker Keenan, after investment falls through
Receivers have been appointed to the Borris-based Keenan System after reports of the company being in financial difficulty surfaced within the industry.
According to a statement, advanced discussions are underway to sell the business to Alltech.
Keenan, which has been in business for 38 years, issued the statement regarding the receivers following a request from the directors of the company after discussions with a potential investor concluded unsuccessfully.
Joint receivers have now been appointed to Richard Keenan & Company Ltd. (trading as Keenan System).
The business, which is based in Borris Co. Carlow, has recently suffered losses and is insolvent. It currently employs 222 people, of which 176 are based in Ireland and the rest worldwide.
The statement says the business will continue to trade under the receivership. The company trades worldwide.
The company manufactures diet feeders and mixer wagons and provides a technology based review and support service to farmers.
Kieran Wallace and Cormac O’Connor of KPMG have been appointed joint receivers and now will seek to sell the business.
According to the receivers, they are confident that discussions underway with Alltech to acquire the business will progress to a successful conclusion, subject to appropriate due diligence.
A successful outcome would secure the business and employment at the company the receivers say.