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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2019-07-24 00:00:00",
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  "notes": "The slide uses a line chart showing a decline in shipments post-2015, annotated with two callouts citing company 10-K filings to explain the context of the decline.",
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      "kind": "callout",
      "text": "In September 2011, the Swiss National Bank established an exchange rate floor of 1.20 Swiss francs per euro which was abandoned in January 2015. The Swiss National Bank's abandonment of the euro exchange rate floor resulted in an immediate strengthening of the Swiss franc against the euro and U.S. dollar.",
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      "text": "During 2015, China, Russia, and Brazil accounted for 18% of our sales to external customers and declined 11% in local currencies as customer investments have slowed due to a variety of economic factors. In particular, Chinese market conditions continue to reflect overcapacity in certain end-user segments and a reduction of credit availability for many local Chinese customers.",
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      "text": "This potentially could have been the trigger for more aggressive financial strategies.",
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      "text": "2015 was a particularly difficult year for Mettler. It faced significant headwinds in the emerging markets, notably China, and the sudden revaluation of the Swiss Franc, its biggest currency exposure. Shipping records between China, Hong Kong, and the United States show a significant decline. This potentially could have been the trigger for more aggressive financial strategies.",
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      "text": "During 2015, China, Russia, and Brazil accounted for 18% of our sales to external customers and declined 11% in local currencies as customer investments have slowed due to a variety of economic factors. In particular, Chinese market conditions continue to reflect overcapacity in certain end-user segments and a reduction of credit availability for many local Chinese customers. — Mettler 2015 10-K",
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      "text": "Source: Panjiva records between Mettler (US) and Hong Kong and China",
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      "text": "Source: Mettler 2015 10-K",
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      "text": "What Would Motivate Mettler To Become More Aggressive In HK/China?",
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