McDonald's Announces Search For Strategic Partners In Asia To 'Add Value And Unlock Growth Potential'

McDonald's Corporation MCD announced Thursday morning it plans on identifying and seeking out strategic partners in Asia that can "add value and unlock growth potential in key markets." McDonald's is seeking a partner that can also enhance its competitive advantages and resources to better make localized decisions on growth initiatives. The company also cited its desire to increase capital resources to further invest in restaurant expansions and modernization of its stores. McDonald's added it plans on adding more than 1,500 restaurants across China, Hong Kong and Korea over the next five years. The company is also eyeing expansions within Taiwan and Japan. "Asia represents a significant area of opportunity for McDonald's to blend our global quality standards with local insights and expertise from partners who share our vision and values," said Steve Easterbrook, McDonald's President and CEO. "This will allow McDonald's to accelerate our growth and scale faster across diverse markets placing us closer to our customers and the communities we serve. We're in the midst of transforming our business and taking a strategic and thoughtful approach to enhance our ability to grow around the world. These actions build on our turnaround efforts and will advance local ownership, enable faster decision-making and achieve restaurant growth." Shares of McDonald's were trading lower by 0.19 percent early Thursday morning and hit a new 52-week high of $126.10 on Wednesday.