ABP Food Group has secured a deal to increase number of ABP beef products for sale in China with Chinese online retailer JD.com.
The ABP Food Group, a Goodman’s family business has just announced that it has struck a deal with Chinese middleman, Hopewise, to extend the range of ABP beef products for sale on Chinese online retailer JD.com. The company is one of the largest food processors in Europe and has been in operation since 1954.
The deal will increase the number of beef products available to Chinese consumers from three to 10. The ABP Food Group has been courting the Chinese market for some time now, with the group reaching a separate worth €50 million deal last February to supply beef to Chinese restaurant group Wowprime.
A beefy history
Larry Goodman founded the business in 1954 and by the 1960s had acquired Anglo Irish Meats as well as various factories in Ireland. He also expanded operations into Europe and Russia. All was not plain sailing though, and when Iraq invaded Kuwait in the 1990s the Iraqi government defaulted on hundreds of millions in credit and special legislation had to be passed to protect the Goodman business due to its importance to the Irish economy. The company had an examiner appointed. By 1995 with the help of private backers, Goodman had reassumed control of the business and by 1999 he had paid them off and assumed full control.
Since then the company has weathered a number of storms, with the latest storm on the horizon being the possible implications of Brexit on the business.
Looking to the future, the company is embracing green measures and has announced it has a renewable energy sourcing model plan, which will enable the company to power all of its sites across the island Ireland exclusively from wind energy. In addition, ABP’s renewables division, Olleco, was a finalist for a global environmental award at the World Economic Forum in January, and the company was recognised for help to develop circular economy solutions for food waste in the hospitality and food service sectors.
Business & Finance, Company of the Month
Business & Finance, in association with KPMG, recognises excellence in business through the ‘Company of the Month’ award. The Company of the Month award recognises the company which best demonstrates outstanding business leadership, sustainable growth, innovative strategy, strong financial returns and employee development.