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Mettler-Toledo International Inc. Reports Fourth Quarter 2009 Results
Date:2/4/2010

2% in Asia / Rest of World.  Adjusted operating income amounted to $294.5 million, a 5% decrease from the prior-year amount of $311.0 million.  

Cash flow from operations was $232.6 million, compared with $223.1 million in 2008.

In the fourth quarter of 2008, the Company announced a Cost Reduction Program aimed at reducing costs by approximately $100 million annually.  The Program, which consisted primarily of work force reductions and other cost efficiency measures, is substantially completed and will meet its target.  Total restructuring charges associated with the Program are expected to be $40 million, of which $37.8 million has been incurred to date.

Bolt-On Acquisitions

Recently, the Company paid approximately $27 million for two small bolt-on acquisitions.  One acquisition, completed at the end of 2009, extends the Company’s offering in the Product Inspection business with vision inspection technology.  The other acquisition, which occurred in early 2010, expands the Company’s market penetration for Liquid Handling products in Europe.  The Company expects these acquisitions will add modestly to sales growth in 2010 and will be neutral to earnings.

Share Repurchase Program

The Company announced that late in the fourth quarter 2009 it re-started its share repurchase program which was suspended in the fourth quarter 2008 due to uncertainty in the global economy and instability in the financial markets.  

2010 Outlook  

The Company stated that forecasting continues to be challenging
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SOURCE Mettler-Toledo International Inc.
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