Agri-company Alltech buys rival in €400m deal

Irish-founded company Alltech has agreed to buy US firm Ridley for nearly €400m in a deal which will strengthen its position as global leader in the area of animal nutrition.

Alltech is headquartered in the US, but was founded by Dundalk-born billionaire and biochemist Pearse Lyons in 1980. It has a presence in 128 countries around the world. Its €397m purchase of Ridley will create an enlarged entity with annual revenues of over €1.47bn and a global leadership position in the animal health sphere.

The target is one of the leading animal nutrition names in north America, based in Minnesota, but listed on the Toronto Stock Exchange.