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,

Ferrero International SA agreed to acquire WK Kellogg Co. for an enterprise value of $3.1 billion, pushing the Italian family-owned candy business further into the lucrative US market.

The world's largest contract chip maker reported a 40% jump in January-June revenue from a year earlier.