Sports goods company Adidas-Salomon AG has been named official sponsor of the 2010 and 2014 soccer World Cups after signing an agreement with ruling agency FIFA.

FIFA President Sepp Blatter said that Adidas would be the primary supplier and licensee of the World Cup showpiece events as part of a deal worth $351 million.

Chief executive of Adidas, Herbert Hainer, said in a statement that the agreement would help the company "cement and extend" its position as the top footwear brand.

Hainer also said the firm has reached its 2004 sales and profit targets and was confident of meeting its 2005 targets.

Adidas has signed a string of lucrative sponsorship deals in the past few years, including partnerships with the Olympic Games and football premier David Beckham.