News from Pittcon: “One Thermo” strategy moves ahead for Thermo Electron

Orlando, Florida March 10, 2003 Marijin Dekkers, president and CEO of Thermo Electron, today outlined the company’s "One Thermo" strategy at the 2003 Pittsburgh Conference (Pittcon) in Orlando.

"Pittcon is where the newest products are announced. It’s where changing industry directions are divined," he said. "For Thermo, Pittcon makes an internal corporate milestone as well. Since 2001, when we debuted here as "One Thermo", we have steadily worked to reintroduce ourselves to customers not as disparate brands and businesses, but as a world leader in instrumentation.

"Over the past few years we’ve transformed our internal organization, our brand, the way we do business, the way we deal with our customers and, most importantly, the way we provide value," he added.

The company spent US$160 million on research and development in 2002, he said, and is now funneling its R&D into areas where it can provide integrated solutions. It is also driving growth through strategic acquisitions, such as the purchase of Burlington, ON-based CRS Robotics-LLS Sector, which was acquired for US$42 million and brings expertise in the lab automation robotics area.

Before long, the individual company identities of all but one of the 75 companies in the Thermo Electron group will disappear, as Thermo Electron becomes the sole company brand, noted Mr Dekkers. However, the historical value of individual company names such as Nicolet, Finnigan, Forma and others will be maintained as they continue on as the names of product lines. The only company that will maintain its separate identity is Spectro Physics.