ABP’s €50 million ‘exclusive’ beef contract unveiled in Shanghai
An “exclusive” contract for ABP Food Group to supply beef to the Chinese market has been unveiled today in Shanghai, China.
The three-year agreement – which is estimated to be valued at €50 million – will see the processor supply Asian restaurant chain Wowprime Corporation with beef for its restaurants across China.Also Read: ABP strikes €50 million deal to supply Irish beef to China
An announcement was made today (May 16) at an event hosted by the company in Shanghai, which was attended by: the Minister for Agriculture, Food and the Marine, Michael Creed; Stanley Lin, general manager of Wowprime China; and Mark Goodman, managing director of ABP’s International Division.
Commenting on the news, the minister said: “I am genuinely delighted to be present today to mark the announcement of this ground-breaking deal between ABP Food Group and Wowprime.
I hope it will be the first of many such transactions for Irish companies.
“Partnering with large Chinese restaurant companies, such as Wowprime, is the ideal manner to bring quality Irish beef to Chinese consumers.”
Wowprime is a publically-listed company and it has a total of 151 restaurants in China.
Wowprime has also agreed to extend the arrangement to include ABP’s UK operations, in the event of the UK gaining market access to China.
The corporation’s managing director, Stanley Lin, stated that the restaurant chain is “delighted to partner with ABP – which has made the strongest case for the merits of Irish beef, which is sustainable, fully traceable to the farm of origin and hormone-free.”
Continuing, he added: “Combined with its high quality and great taste, we have no doubt these qualities will be a winner with our customers throughout China. We look forward to building our relationship with ABP Food Group in the years ahead.”
‘A significant step’
ABP Food Group International’s managing director, Mark Goodman, outlined that the signing of this “exclusive agreement” with Wowprime shows how highly Irish beef is regarded.
Speaking today, he said: “It is a tangible endorsement of the quality beef that Ireland and ABP has to offer, and it is another significant step in developing new market opportunities for our products against the uncertain backdrop of Brexit.
We look forward to working with Wowprime, who are crucial in helping us bring Irish beef to the plates of Chinese consumers.
Meanwhile, ABP Food Group extended its range of premium ‘Irish Nature Organic’ striploin, ribeye and T-bone steaks with YATA – a supermarket chain based in Hong Kong – earlier this year.
The beef products are now available in all of the retailer’s 10 stores in the prefecture. As well as this, the company also exports Irish beef to the Philippines and Japan.
Conor Finnerty reporting from China.