MMTDMettler-Toledo International, Inc.

Mettler-Toledo makes precision balances and laboratory instruments — and sells them directly, without distributors.

Its products sit in the laboratories of pharmaceutical and chemical companies, on food production lines and in logistics centres where parcels are weighed. An instrument lasts a decade, while service, calibration and consumables are bought continuously — that is the steady half of revenue.

What sets it apart from competitors is an in-house sales force instead of intermediaries: it costs more but gives direct contact with the customer and an understanding of what they actually need, along with profitability exceptional for the industry. Risks: laboratory capital budgets, biotech start-up funding and demand in China. The company pays no dividend, directing profit into buybacks.