The Ferrero Group said Thursday it will buy WK Kellogg Co. in a deal valued $3.1 billion, expanding the Italian food giant's global reach.Kellogg, which was founded in Battle Creek, Michigan, in 1906,

WK Kellogg on Thursday agreed to be bought by the owner of Ferrero Rocher in a deal worth around $3.1 billion, uniting two of the world's most recognizable consumer brands to weather a tough spending backdrop marked by persistent inflation.

Giovanni Ferrero has expanded his family's company beyond brands like Nutella and built a global powerhouse—especially through big acquisitions in the U.S.