SYDNEY -- The trademarked name of Vegemite, Australia's favorite fermented sandwich spread, is set to return home after being owned by a U.S. company for the past nine decades.

Australia's Bega Cheese said Thursday it will obtain the global trademark rights to Vegemite from Mondelez International as part of a business acquisition worth 460 million Australian dollars ($348 million).

Made from brewer's yeast extract, the black, salty paste is known for its strong flavor. For many Australians, toast with butter and vegemite is a breakfast staple.

The product is made in a factory in the suburbs of Melbourne. About 23 million jars of Vegemite are sold each year in Australia, which has a population of about 24 million.

Vegemite was developed by an Australian unit of what would later become Kraft Foods, a major U.S. food company, and was first marketed in 1923. The trademark rights to the product later changed hands to Mondelez.