The founder and president of Alltech, Dr Pearse Lyons, has died aged 73, a statement from Alltech confirmed on Thursday.

Dr Lyons passed away on 8 March.

Born and raised in Dundalk, Co Louth, Lyons moved to the United States in 1976, having been asked by Irish distillery Gems Whisky to help ethanol distillers in Kentucky improve their processes.

In 1980, he decided to “take control of his own destiny.” He launched his own business, Alltech, which built its success upon the application of yeast technologies to animal health and nutrition.

Alltech was set up in a garage with an initial investment of $10,000 and enough money set aside to pay the mortgage and buy food for the family for a year.

Family

In its first year, the company turned over a million dollars. Today, his wife Deirdre Lyons and two children Dr Aoife Lyons and Dr Mark Lyons are all heavily involved in the business.

Dr Aoife Lyons is a licensed clinical psychologist and global director of educational initiatives for the company, while son Dr Mark Lyons is now the president and chair.

Deirdre, a co-founder of Alltech, is director of corporate image and design.

Dr Lyons' business, Alltech, will remain privately held under the ownership of the family.

Funeral masses will be in Lexington, Kentucky, USA, on 17 March and in Dublin, in April.

A special celebration of life will be held on 20 May at the beginning of ONE: The Alltech Ideas Conference in Lexington.