Industry News | March 9, 2000

McDonald's Invests in Food.com

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McDonald's Corporation (NYSE: MCD) announced March 9 that it has made an investment in Food.com, a company known for Internet food takeout and delivery service with a vision to become the preferred web destination for "anything related to food."

"Our investment in Food.com is an investment in the future," said James R. Cantalupo, President and Vice Chairman of McDonald's Corporation, who added that the investment was made through a wholly-owned subsidiary of McDonald's Corporation. "While McDonald's remains absolutely focused on our core business, we are also committed to new thinking and new technologies for all aspects of our brand. McDonald's is interested in Internet commerce, so we're excited by our new relationship with the innovative team at Food.com. Innovation will continue to be an essential part of our global strategy as we pursue our vision to be the world's best quick service restaurant experience."

Food.com's Chairman and Chief Executive Officer Richard Frank welcomed McDonald's investment, "We are thrilled by the opportunities the world's leading food service retailer brings to our online business. McDonald's renowned brand name and experience in serving 43 million customers a day are tremendous additions to the team we are building at Food.com."

"We look forward to sharing and exchanging ideas with Food.com," added Cantalupo. "Food.com's management, its team of outstanding investors and innovative focus on customer service were all compelling factors in our decision to invest."