Thermo Electron Acquires Laboratory Services Provider LMSi

Nov. 04, 2003

WALTHAM, Mass., Nov. 4 /PRNewswire-FirstCall/ -- Thermo Electron Corporation (NYSE: TMO), a leading global supplier of laboratory instruments and services, announced today that it has acquired Laboratory Management Systems, Inc. (LMSi) of New Castle, Delaware. LMSi is a supplier of regulatory instrument and consulting services to the pharmaceutical and related industries, and generated revenues of $11 million during its 2003 fiscal year. In its nine-year history, LMSi has been ranked three times on Inc. magazine's annual "Inc. 500" list of America's fastest-growing private companies.

LMSi specializes in performing instrument and computer systems validation, metrology, and certification, as well as a range of associated consulting services. The company has developed a broad portfolio of analytical instrument validation protocols and operating procedures that enable laboratories to comply with U.S. Food and Drug Administration requirements.

"This acquisition is an important step in our strategy to offer customers comprehensive laboratory solutions that include full product support, for almost any instrument, anywhere," said Marijn E. Dekkers, president and chief executive officer of Thermo Electron. "Adding LMSi's regulatory and compliance expertise to our global laboratory service network will allow us to be a regulatory validation and consulting partner to customers who face increasing productivity, quality, and regulatory challenges."

Chuck Whitney, a founder of LMSi, remarked, "Combining LMSi's expertise with Thermo's global resources and extensive line of products and services significantly benefits our mutual customers, who are some of the leading names in the pharmaceutical industry. Thermo is uniquely positioned to offer customers unparalleled product breadth and the security of partnering with a well-recognized global services provider."

A world leader in high-tech instruments, Thermo Electron Corporation helps life science, laboratory, and industrial customers advance scientific knowledge, enable drug discovery, improve manufacturing processes, and protect people and the environment with instruments, scientific equipment, and integrated software solutions. Based in Waltham, Massachusetts, Thermo Electron has revenues of more than $2 billion, and employs approximately 10,000 people in 30 countries worldwide. For more information, visit www.thermo.com.

The following constitutes a "Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward- looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the heading "Forward-Looking Statements" in the company's Quarterly Report on Form 10-Q for the fiscal quarter ended June 28, 2003. These include risks and uncertainties relating to: the need to develop new products and adapt to significant technological change, dependence on customers that operate in cyclical industries, general worldwide economic slowdown and related uncertainties, the effect of changes in governmental regulations, dependence on customers' capital spending policies and government funding policies, use and protection of intellectual property, retention of contingent liabilities from businesses we sold, integration and consolidation of instrument businesses, realization of potential future savings from new sourcing initiatives, implementation of new branding strategy, implementation of strategies for improving internal growth, the effect of exchange rate fluctuations on international operations, and potential impairment of goodwill. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Contact Information:
J. Timothy Corcoran
Phone: 781-622-1111
E-mail: tim.corcoran@thermo.com
Website: www.thermo.com

SOURCE Thermo Electron Corporation
11/04/2003

CONTACT: J. Timothy Corcoran of Thermo, +1-781-622-1111, tim.corcoran@thermo.com

/Web site: http://www.thermo.com
(TMO)

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Thermo Fisher Scientific Inc. (NYSE: TMO) is the world leader in serving science, with revenues of more than $20 billion and approximately 70,000 employees globally. Our mission is to enable our customers to make the world healthier, cleaner and safer. We help our customers accelerate life sciences research, solve complex analytical challenges, improve patient diagnostics, deliver medicines to market and increase laboratory productivity. Through our premier brands – Thermo Scientific, Applied Biosystems, Invitrogen, Fisher Scientific and Unity Lab Services – we offer an unmatched combination of innovative technologies, purchasing convenience and comprehensive services. For more information, please visit http://www.thermofisher.com.

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