Things are heating up in the French fry business.

Shares of Lamb Weston (LW), a leading fries supplier to McDonald’s (MCD) and other fast-food giants, jumped Friday on news that an activist investor has taken a stake in the struggling company and is looking to shake things up.

The stock recently went up almost 10%. Regulatory filings today indicated that Jana Partners had acquired about a 5% stake in Lamb Weston. A Wall Street Journal report confirmed that another investor reporting a smaller stake in Lamb Weston, Continental Grain, was working with Jana, seeking a sale or other changes at the company.

Shares of Lamb Weston are down nearly 30% in 2024. Earlier this month, the company announced a restructuring plan that included a plant closing and layoffs. The company has bemoaned slow restaurant traffic and a move toward promotional fast-food value meals which resulted in diners getting smaller orders of fries.

Lamb Weston's market value is around $10 billion, according to Visible Alpha data.

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