February 14/Minneapolis/Twin Cities Business -- General Mills Inc. has agreed to buy Brazil-based packaged food company Yoki for approximately $1.16 billion, according to a Reuters report.

Yoki, which produces packaged snacks, juices and microwave popcorn, has nine factories in six Brazilian states. The acquisition will give 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 Häagen-Dazs ice cream, but it 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.

 From the February 15, 2012, Prepared Foods' Daily News.