SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report
(Date of earliest event reported):
September 29, 1998
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THERMO ELECTRON CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 1-8002 04-2209186
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification Number)
incorporation or
organization)
81 Wyman Street, P.O. Box 9046
Waltham, Massachusetts 02454-9046
(Address of principal executive offices) (Zip Code)
(781) 622-1000
(Registrant's telephone number
including area code)
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This Form 8-K 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 Exhibit 13 to Thermo
Electron Corporation's annual report on Form 10-K, as amended, for the year
ended January 3, 1998. These include risks and uncertainties relating to: Thermo
Electron Corporation's spinout and acquisition strategies, competition,
international operations, technological change, possible changes in governmental
regulations, regulatory approval requirements, capital spending and government
funding policies, dependence on intellectual property rights, and the potential
impact of the year 2000 on processing date-sensitive information.
Item 5. Other Events
On September 29, 1998, Thermo Electron Corporation ("Thermo Electron")
issued a press release announcing that it will incur approximately $53 million
of pretax restructuring and other charges in the third quarter, ending October
3, 1998. These charges will reduce third quarter 1998 diluted earnings per share
by approximately $.17. Thermo Electron estimates that these actions will result
in 1999 operating savings totaling approximately $30 million. The charges will
be recorded by the following public subsidiaries of Thermo Electron:
1. Thermo Instrument Systems Inc. - a total of approximately $28
million in charges affecting seven of its subsidiaries, primarily for
severance expenses incurred with a reduction in Thermo Instrument's
overall workforce by approximately seven percent;
2. ThermoTrex Corporation - approximately $15 million in write-offs
at its ThermoLase Corporation subsidiary to close three domestic spas and
one spa in France, along with write-offs of certain tax assets, primarily
loss carryforwards; and
3. Thermo TerraTech Inc. - approximately $10 million in write-offs,
primarily at its ThermoRetec Corporation subsidiary (formerly Thermo
Remediation Inc.) to close two soil-recycling facilities.
In addition, on September 29, 1998, Thermo Electron issued a press release
announcing that it has named Arvin H. Smith president of Thermo Electron,
effective immediately.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements of Business Acquired: not
applicable.
(b) Pro Forma Financial Information: not applicable.
(c) Exhibits: not applicable.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on this 29th day of September, 1998.
THERMO ELECTRON CORPORATION
By: /s/ Kenneth J. Apicerno
Kenneth J. Apicerno
Treasurer
