Minerva, the Brazilian beef processor, has bought local rival Lord Meat.

The acquisition will be paid by way of meat exports to Russia, without the need for immediate cash payment by Minerva.

However, Minerva said it plans to invest around BRL$60m (US$35m) in expanding the business.

The purchase will increase Minerva's installed capacity by 10%, the company said yesterday (26 February). In six months, with the expansion of the cold chambers, the plant's slaughtering capacity is expected treble to 1,500 head/day slaughtering capacity by mid-2009.

The acquisition will consolidate Minerva's position in the state of Goias, where it will have two active plants, one in Palmeira de Goias, located to the south, and one in Goianesia, north of the state.