ABP Food Group expands beef exports to South Korea, secures key deal

IRELAND – Ireland’s ABP Food Group has expanded its international reach by becoming the country’s first beef processor to begin exporting to South Korea. 

The company, headquartered in Ardee, County Louth, announced it has established a “long-term” agreement with K Meat, a prominent meat importer in South Korea with an extensive sales network throughout the country.

The beef exports, which come from ABP’s processing facilities in Monaghan, Tipperary, and Wexford, have already included three shipments to South Korea. 

This marks a significant milestone for the company, which has been working to extend its presence across Asia.

Speaking on the development, Martin McMahon, the general manager of ABP’s international sales, highlighted the importance of the Asian market, particularly in China and South Korea. 

“These are key markets with great potential for Irish beef, particularly within foodservice and retail,” McMahon said.

ABP Food Group processes around one million cattle annually and ranks as one of the largest beef processors in both Ireland and the UK. 

It is also among the top three beef processors in Europe. 

The company is a major supplier to European supermarket chains and food retailers, emphasizing traceability from “farm to fork.”

The company exports to over 50 countries worldwide and has garnered recognition for its ‘Ultra-Tender’ beef, a product supplied to more than 200 Michelin-starred restaurants across Europe. 

Despite challenges in recent years, ABP has seen positive financial results. 

For the year ending December 31, 2023, the company reported a profit of £1 million (US$1.3M), reversing a £4.4 million (US$5.78M) loss from the previous year.

This recovery was largely attributed to a foreign exchange gain of £5.2 million (US$6.8M). 

However, the company also faced a £4.3 million (US$5.6M) loss from derivative trading. 

ABP’s borrowings stood at £602.3 million (US$790.5M) by the end of 2023, a decrease from the previous year.