WALTHAM, Mass., July 31, 2001 – Thermo Electron Corporation announced that it has completed the second and final phase of the sale of its Thermo Ecotek power-generation business to Arlington, Virginia-based AES Corporation for $19 million.
Phase two includes the assets of three power plants in California: Riverside, Delano, and the existing Mountainview facility.
Richard F. Syron, chairman and chief executive officer of Thermo Electron, said, “This step completes our sale of the Ecotek assets, netting a total of $257 million in proceeds, including the $238 million that we raised in the first phase of this transaction. Our sale of noncore businesses during the past 17 months has yielded approximately $1.5 billion that we can reinvest in the growth opportunities we now have as a pure, focused instruments company.”
The AES Corporation is the world’s largest global power company. AES generates and distributes electricity and is also a retail marketer of heat and electricity.
Thermo Electron Corporation is a global leader in providing technology- based instruments, components, and systems that offer total solutions for markets ranging from life sciences to telecommunications to food, drug, and beverage production. The company’s powerful technologies help researchers sift through data to make discoveries that will fight disease or prolong life.
They allow manufacturers to fabricate ever-smaller components required to increase the speed and quality of communications. And they automatically monitor and control online production to ensure that critical quality standards are met safely and efficiently.
Thermo Electron, based in Waltham, Massachusetts, reported $2.3 billion in revenues in 2000 and employs approximately 13,000 people worldwide. For more information on Thermo Electron, visit http://www.thermo.com.