Thermo Electron Acquires US Counseling Services, Inc.

Apr. 21, 2004

WALTHAM, Mass., April 21 /PRNewswire-FirstCall/ -- Thermo Electron Corporation, (NYSE: TMO) a premier supplier of instruments, scientific equipment, services, and software solutions to the laboratory, announced the purchase of US Counseling Services, Inc. ("USCS") for $77.9 million in cash, subject to a post-closing adjustment. Thermo's net purchase price is $74.7 million, after adjusting for $3.2 million in cash acquired with the business.

As one of the largest scientific instruments companies in the world, Thermo has historically provided maintenance and repair services to customers. In November 2003, Thermo added to this capability by acquiring LMSi, bringing instrument and computer systems validation, metrology, and certification, as well as a range of associated consulting services. Now, with the addition of USCS, Thermo has augmented its service business to provide critical asset management skills, furthering Thermo's strategy to become the most comprehensive service provider to scientific laboratories worldwide.

Based in Brookfield, Wisconsin, USCS is a leader in equipment asset management services in the pharmaceutical and healthcare industries. The company has successfully established a growing market position, providing a wide range of asset management services, including instrument and equipment maintenance management, physical inventory tracking, and cost-of-ownership analysis to help customers improve the performance of their laboratory or facility. USCS was founded in 1969 and employs 175 people. The company had revenues of approximately $57.0 million in 2003.

Marijn E. Dekkers, president and CEO of Thermo Electron Corporation, said, "The pressure to reduce operating budgets and improve return on assets is very real to laboratory and facility managers. USCS has a proven track record with their LIFECYCLE(TM) maintenance management product, a valuable tool enabling customers to manage their total cost of ownership for major capital equipment investments. Having completed the acquisition of LMSi, this acquisition represents the next step in Thermo's strategy to expand our leading laboratory services business in the life science and analytical instruments industry."

"The Thermo-USCS combination represents an exciting opportunity for our employees and our healthcare and life science customers," said Scott McFadden, president and COO of USCS. "While we have been very successful as an independent company over the past 30 years, Thermo's resources and market knowledge will enable us to provide additional products and services to our current customers, while more rapidly expanding our service offerings to the life science and analytical instruments industry. We are excited to join the Thermo team."

About Thermo's Laboratory Services Business

Thermo Electron is the leading global provider of laboratory services, including instrument maintenance and repair, instrument and software validation, asset management, regulatory and laboratory management consulting, and training and education programs. Laboratory Professionals rely on the expertise and dedication of Thermo Laboratory Services to optimize accuracy, productivity, and performance.

About Thermo Electron

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, services, and software solutions. Based in Waltham, Massachusetts, Thermo Electron has revenues of more than $2 billion, and employs approximately 11,000 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 Annual Report on Form 10-K for the fiscal year ended December 31, 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 conditions 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, realization of potential future savings from new productivity 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.

    Media Contact Information:          Investor Contact Information:
     Lori Gorski                        J. Timothy Corcoran
     Phone:    781-622-1242   Phone:    781-622-1111
     E-mail:   lori.gorski@thermo.com   E-mail:   tim.corcoran@thermo.com
     Website:  www.thermo.com

SOURCE Thermo Electron Corporation
04/21/2004

CONTACT: Lori Gorski, +1-781-622-1242, lori.gorski@thermo.com, or J. Timothy Corcoran, +1-781-622-1111, tim.corcoran@thermo.com both of Thermo Electron

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

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