Norway-based consumer goods producer Orkla ASA unit Orkla Foods Sverige AB said June 2 it has agreed to acquire the breakfast cereal brand Havrefras from U.S. food and beverage company PepsiCo Inc.

The financial terms of the deal were not disclosed.

Havrefras has been a part of PepsiCo since it acquired The Quaker Oats Co. in 2001. Orkla distributes Havrefras products for PepsiCo in Norway, Sweden and Denmark.

Orkla said the acquisition of Havrefras is in line with its strategy of further developing a portfolio with a strong health profile.

"Orkla is well known for its strong, local brands, and the acquisition of Havrefras is strategically appropriate for strengthening our position as leading branded consumer goods supplier," said Orkla President and CEO Jaan Ivar Semlitsch.

The purchase of the Havrefras brand, which includes Rug Fras and Mini Fras, does not include any employees or production facilities, Orkla said.

Orkla will remain the distributor of PepsiCo's other juice, breakfast cereal and snack products in the Nordic region, including Tropicana, Doritos and Lay's brands.