ABP Food Group has announced a three-year supply agreement with Asian restaurant chain Wowprime Corporation to supply beef to its restaurants in China.
The agreement is estimated to be valued at €50 million and extends to ABP’s joint venture partners Slaney Foods; the deal is contingent on Irish beef gaining access to the Chinese market.
ABP and Wowprime have also agreed to extend the arrangement to include ABP’s UK operations, in the event of the UK gaining market access to China.
Commenting on the announcement, Mark Goodman, managing director of ABP’s International Division said: “ABP Food Group is delighted to sign this initial and exclusive agreement with Wowprime.
It is a tangible endorsement of the quality beef that ABP has to offer, and it is another significant step in developing new market opportunities for our products against the uncertain backdrop of Brexit.
Over the past seven years, ABP Food Group has being assessing the Asian markets, a company spokesperson has said.
To highlight its commitment, the company appointed a business development manager for the region in 2012, which has helped the company explore the potential of the market and to work closely with Bord Bia and other state agencies in assessing potential opportunities.
Last month, ABP extended its range of premium “Irish Nature Organic” striploin, ribeye and T-bone steaks with YATA, the Hong Kong based supermarket chain.
ABP Food Group employs more than 10,000 people and has 48 manufacturing plants in Ireland, UK, Denmark, Poland, Austria, Holland, France and Spain.