What I posted was (in part) a paraphrase from my notes of the discussion of why multinational firms arise from the textbook I use for the International Finance class that I teach: Multinational Business Finance, 11th Edition, by David K. Eiteman, Arthur I. Stonehill, and Michael H. Moffett, Addison-Wesley Longman, 2006
Then maybe you misunderstood me: I am arguing that one of the reasons companies locate their operations overseas is to minimize their risk with regard to exchange rates.