Kellogg Co. (NYSE: K) agreed to buy Parati Group, a Brazilian maker of biscuits, pasta and powdered beverages, for 1.38 billion reais ($430 million) in its largest purchase in Latin America.

The all-cash acquisition is expected to be completed late in 2016, Battle Creek, Michigan-based Kellogg said in a statement. To preserve financial flexibility, Kellogg said it’s reducing its 2016 share buyback program to $450 million to $550 million from a previous range of $700 million to $750 million.

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