The deal involves ABP supplying beef to Wowprime’s restaurants in China. The agreement is estimated to be valued at €50 million and extends to ABP’s joint venture partner 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.
Wowprime is a publicly listed company and has over 400 restaurants in China and Taiwan and offers a mix of traditional Asian and Western cuisine across 18 brands.
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.”
ABP Food Group has been assessing the Asian markets for the past seven years. It appointed a business development manager for the region in 2012 to help the company explore the potential of the market and to work closely with Bord Bía and other state agencies in assessing potential opportunities.
Last month, ABP also extended its range of premium ‘Irish Nature Organic’ striploin, ribeye and T-bone steaks with Hong Kong based supermarket chain YATA. The products are now available in all of the retailer’s 10 stores in the prefecture. The company also exports Irish beef to the Philippines and Japan.