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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 39,
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  "density": "overcrowded",
  "nDataPoints": 17,
  "notes": "The slide uses a callout box to provide qualitative context for the low salary data, linking it to manufacturing in low-cost countries.",
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      "kind": "callout",
      "text": "Approximately 40% of the company's total workforce is located in low cost countries, including in China, India, Mexico, South East Asia, and Eastern Europe. Many of these employees are involved in assembly and manufacturing tasks, particularly in China and Mexico. Almost all of our employees in the United States, Canada, and China are employed full-time.",
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    {
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      "kind": "callout",
      "text": "We find that MTD's median employee salary is the lowest in its industry and nearly 50% below the average of its aspirational peers.",
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      "kind": "metric",
      "text": "Median Employee Salary: $42,416",
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      "kind": "paragraph",
      "text": "Mettler-Toledo is not a technology forward, innovative company worthy of its premium and industry leading multiple. Public companies are now required to disclose the median pay of employees in the proxy statement. We find that MTD's median employee salary is the lowest in its industry and nearly 50% below the average of its aspirational peers. The reality is that MTD is mostly a manufacturer and assembler of low-priced instrumentation products.",
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      "kind": "quote",
      "text": "Approximately 40% of the company's total workforce is located in low cost countries, including in China, India, Mexico, South East Asia, and Eastern Europe. Many of these employees are involved in assembly and manufacturing tasks, particularly in China and Mexico. Almost all of our employees in the United States, Canada, and China are employed full-time. — proxy st",
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      "kind": "source-note",
      "text": "Source: US Company proxy statements, excludes foreign peers",
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      "text": "Company and Median Employee Salary list",
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      "kind": "title",
      "text": "Data Points Illustrating Low Value-Add Company",
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      "evidence": "Comparison of median employee salary across a peer group to establish relative value-add.",
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