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Technology Stocks : Thermo Electron (TMO) -- Ignore unavailable to you. Want to Upgrade?

To: mopgcw who wrote (416)	11/11/2002 7:06:59 PM
From: mopgcw	Read Replies (1) \| Respond to of 450

Thermo Electron Sees $20 Million More Restructuring Costs In 4th Quarter Monday November 11, 1:17 pm ET WASHINGTON -(Dow Jones)- Thermo Electron Corp. (NYSE:TMO - News) said it expects to record $20 million in additional restructuring costs in the fourth quarter ending Dec. 31 and sees the possibility of additional charges in 2003. According to the company's quarterly report, filed Friday with the Securities and Exchange Commission, the costs pertain to facility consolidations and workforce reductions. Thermo Electron said in the filing that it expects to identify additional sites to consolidate in 2003 and will record charges in connection with any such actions. The company had accrued $44.2 million for restructuring costs at Sept. 28 in connection with restructuring actions undertaken by the company's continuing operations, the filing said. The company said it expects that restructuring actions undertaken in 2001 and early 2002 will be nearly completed by the end of 2002. Actions undertaken in the third and fourth quarters of 2002 should be completed by mid-2003, the company said. The company began restructuring actions in the second quarter of 2001 in a number of business units to reduce costs and shed unproductive assets. The company initiated further actions in the fourth quarter of 2001 and in the first nine months of 2002. The restructuring and related actions primarily consisted of headcount reductions, writedowns of production equipment for telecommunications products and excess telecommunication inventories at its Spectra-Physics AB unit, discontinuation of a number of mature or unprofitable product lines, and consolidation of facilities to streamline operations and reduce costs. Thermo Electron, of Waltham, Mass., makes environmental monitoring and analysis instruments and biomed equipment.