The Kellogg cereal business, an iconic Michigan brand, is being sold to Ferrero, an Italian chocolate and sweets company.

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, is known for brands including Corn Flakes, Froot Loops, Rice Krispies and Special K. Ferrero's brands include Nutella and Rocher chocolates.

U.S. sales of the colorfully packaged morning staple have been in a decades-long decline, a trend back in the spotlight with news that Italian confectioner Ferrero Group plans to purchase WK Kellogg, maker of Corn Flakes, Froot Loops, Rice Krispies and other familiar brands.

WK Kellogg Co’s headquarters is in Battle Creek. After the transaction closes, Battle Creek will remain a core location for the company and will be Ferrero’s headquarters for North America cereal, a news release from WK Kellogg states.

BATTLE CREEK, Mich. — WK Kellogg was purchased by Italian candy manufacturer, Ferrero, on Thursday. Ferrero purchased the food distributor for $3.1 billion.

The deal, which still needs approval from WK Kellogg Co.’s shareholders, is expected to close in the second half of the year.

Kellogg Kickstart program will take place from 1 to 4 p.m. on Tuesdays and Thursdays, running from July 8 through Aug. 14.