General Mills has agreed to buy Brazilian food manufacturer Yoki, three months after speculation emerged that a deal had been signed.

The US food giant announced the deal, struck for an undisclosed sum, today (24 May). In February, reports in Brazil claimed General Mills had agreed to buy the popcorn and soup maker for BRL2bn (US$983.4m).

General Mills has a mixed record in Brazil. Three years ago, it closed its local pasta and bread businesses, which made products under brands including Forno de Minas. It sold the Forno de Mias brand to local dairy firm Laticínios Condessa. At present, it imports global brands like Haagen-Dazs ice cream and Nature Valley snack bars into Brazil.

"Yoki adds key capabilities and geographic scale that will accelerate our growth in Brazil," General Mills COO Chris O'Leary said. "We plan to focus on building the strong Yoki and Kitano product portfolio, expanding our current Haagen-Dazs and Nature Valley businesses in Brazil, and introducing additional General Mills brands in this important market over time."

Yoki, based in Sao Paulo, sells over 600 products, which also include snack nuts and side dishes, across Brazil. General Mills said Yoki reported sales of BRL1.1bn in 2011 and added the deal would "more than double" its own annual sales in Latin America to nearly $1bn.

Mitsuo Mastunaga, Yoki's CEO, said: "Our family is confident that General Mills' global capabilities, combined with Yoki's outstanding employees and brand portfolio, will lead to accelerated growth in Brazil for years to come."

General Mills said the deal is expected to be completed in the first half of its new financial year, which starts on 28 May.