Mettler-Toledo International, Inc. (MTD, Financial) manufactures sophisticated weighing instruments used in laboratory, industrial, and food retailing applications. The company has the leading market share throughout most of its key markets in the U.S. and Europe. It also generates roughly 17% of its revenue from China, where it has experienced rapid growth during the past several years. Mettler's shares rose during the quarter in response to positive economic data from China indicating that its economy is rebounding.We continue to believe that Mettler has solid long-term earnings prospects driven by its growth in emerging markets, increased focus by regulators on food safety (a market in which Mettler's products are leaders), pricing power, and ongoing manufacturing efficiencies.
From Baron Funds' fourth quarter letter.
From Baron Funds' fourth quarter letter.
