WK Kellogg, the Battle Creek-based maker of cereals, agreed to the sale as the company has struggled with weakening consumer demand due to inflation.

Ferrero, the Italian candy company behind Ferrero Rocher and Nutella, agreed to a deal to buy WK Kellogg, according to a press release issued Thursday morning.

The $3.1 billion acquisition would combine Ferrero, which makes Tic Tacs and Nutella, with the producer of Frosted Flakes and Froot Loops.