WALTHAM, Mass. -- Thermo Electron Corporation (NYSE: TMO) announced today that it has successfully completed its cash tender offer of $17.50 per share for any and all outstanding shares of common stock of Spectra-Physics, Inc. (Nasdaq: SPLI). The offer and withdrawal rights expired at midnight on Friday, December 21, 2001. EquiServe Trust Company, L.P., the depositary for the offer, reports that Thermo Electron acquired approximately 3,631,895 shares of Spectra-Physics common stock in the tender offer, bringing its equity ownership in Spectra-Physics to approximately 93.6 percent. Thermo Electron intends to acquire the remaining Spectra-Physics shares through a short-form merger after February 22, 2002, when the restrictions of Section 203 of the Delaware General Corporation Law relating to any merger involving Thermo Electron and Spectra-Physics lapse. Once Thermo Electron completes the short-form merger, Spectra-Physics' shares will no longer be listed on the Nasdaq National Market. The short-form merger does not require Spectra-Physics board or stockholder approval. Stockholders who tendered their shares in the tender offer will receive payment for their shares shortly. Stockholders who did not tender their shares will receive $17.50 per share in the short-form merger, unless they decide to exercise their statutory appraisal rights. Shortly after February 22, 2002, the remaining Spectra-Physics shareholders will receive detailed instructions outlining the steps that they must take in order to obtain payment or exercise their appraisal rights. Thermo Electron Corp.Spectra-Physics Inc.