General Mills to Buy Brazilian Co. For $1.16B

The manufacturing giant has reportedly agreed to buy Brazil-based food company Yoki, a move that marks its return to producing packaged foods within the country.

General Mills, Inc., has agreed to buy Brazil-based packaged food company Yoki for approximately $1.16 billion, according to a Monday morning Reuters report.

Yoki-which produces packaged snacks, juices, and microwave popcorn-has nine factories in six Brazilian states. The acquisition will give Golden Valley-based General Mills the opportunity to own production facilities in the country, according to Reuters.

General Mills currently sells imported packaged foods in Brazil, including cereal bars and HÅ agen-Dazs ice cream, but does not have any production facilities there. The company reportedly used to own a pasta factory in the country, but that facility burned down in 2007. The company also previously owned a Brazilian food business called Forno de Minas, which it sold in 2009.

General Mills has yet to make an announcement about the acquisition and declined to comment, according to Reuters.

General Mills is Minnesota's eighth-largest public company based on revenue, which totaled $14.8 billion during the fiscal year that ended in May.