Irish meat processing firm Dawn Meats has signed a new agreement with French farming co-operative Terrena.
The French group is working to boost its beef processing operations overseas as it experiences falling demand in its home market.
As consumers cut down on their red meat intake and opt for less costly alternatives such as pork and poultry, the industry has struggled to grow sales and profit margins with many looking to emerging markets for opportunities.
Elivia, Terrena's beef processing unit sells around 90 per cent of its products in France.
As part of the agreement, Dawn Meats will acquire a 49 per cent stake in Elivia; it will have the option of increasing this to 70 per cent in 2018/2019.
The financial details of the deal were not disclosed.
Headquartered in County Waterford in Ireland, Dawn Meats generated sales of over €1 billion in 2013.
The meat processor exports its products to more than 40 countries around the world.
Meanwhile, Terrena reported sales of €4.7 billion for 2013.
Around €100m will be spent between now and 2017 in upgrading Elivia's production plants and IT systems.
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