Taylor Daily Press - FEBRUARY 15, 2000

Laboratory Tops Has New Owner
Metapoint Partners wants company to grow, CEO says

By Nancy Royden, Staff Writer

Metapoint Partners of Massachusetts, an investment firm with, "serious investors who act quickly when the 'fit' is right," has bought Laboratory Tops, Inc.

The Taylor manufacturing company is world leader in making resin table tops for labs and other purposes.

"Mr. Erbs is retiring and we are bringing in a new president and CEO," Keith Shaughnessy, Metapoint Partners president and CEO said Tuesday morning. The acquiring firm is based in Peabody, a suburb north of Boston, he said.

Laboratory Tops Inc. was established in 1970 and purchased by Harold J. Erbs in March 1981.

The new chief operating officer at Laboratory Tops, Inc. will be Charles Heinzelman, who was president/CEO of Jamestown Metal Products Inc. in Jamestown, N.Y. Shaughnessy said the Jamestown firm manufactures fume hoods used in laboratories to prevent the spread of chemicals or flames and rid the covered area of fumes.

"He's a great guy, easy-going. He has the perfect background for the job," Shaughnessy said of Heinzelman. "He's going (to Taylor) because he thinks it's a great opportunity."

Heinzelman was in Taylor Tuesday morning and said he looks forward to managing the business. He also praised the current work force saying that it has been able to "grow" the business.

"Lab Tops has a fine reputation in the market-place for quality products and for innovation," he said. "We expect the company to grow, that's why Metapoint Partners bought it, certainly not to keep it the same size. It's No. 2 in the marketplace and we want to take it to No. 1."

Shaughnessy said acquiring Laboratory Tops Inc., will benefit the Taylor area because he expects it to grow.

"Every business reaches a point where it needs a change. Lab Tops is a good example of a company that has reached that point," Shaughnessy said.

Laboratory Tops Inc., with offices at 3206 N. Main Street, and its manufacturing plant on the eastside of the city, will remain at its present location and currently, Heinzelman is the only new executive slated to work in the plant. Shaughnessy said other new employees may be added once Heinzelman has had an opportunity to determine the plant's needs.

"There aren't going to be huge changes," Shaughnessy said. "We think it will grow. We have to grow the sales."

Current companies also owned by Metapoint Partners include Attachment Technologies Inc., manufacturers and marketers or attachments used on construction equipment and Vutok Inc., manufacturers of "superwide" format digital printers sold to the outdoor sign printing industry.

Laboratory Tops Inc. fits the profile of a desirable firm for acquisition by Metapoint Partners.

"Profitable operations are required; we are not interested in startup or turnaround situations, although undermanaged opportunities are attractive," states information from the firm's web page. "We are not interested in real estate, service, oil and gas, retail, commodities, broadcasting, or high-tech companies."

The company, founded in 1988, is a private investment group that acquires small to medium-sized manufacturing companies.

"Metapoint is internationally small, allowing us to maintain the quality and selectivity of our investments," company information states. "Metapoint's investors are among the nations most accomplished and respected executives. Most of out investors are CEOs or retired CEOs with decades of management experience."

Some of the company's investors include Robert L. Candall, chairman and CEO, AMR Corp./American Airlines; Thomas A. Holmes, former CEO, Ingersoll-Rand; Harold A. Poling, former chairman and CEO, Ford Motor Company; and Joseph D. Williams, for CEO, Warner-Lambert.

"It's just a blue-ribbon group of investors," Shaughnessy said.
Laboratory Tops Inc. employees have been involved in many community activities. They include the Taylor United Way, Pony League, Little League, soccer teams and Future Farmers of America.

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