Filer: Thermo Electron Corporation
                                                Subject Company: Thermedics Inc.
                                   Subject Company Exchange Act File No.: 1-9567
                                           Registration Statement No.: 333-35982
PRESS RELEASE:

Investor Contact: 781-622-1111
Media Contact: 781-622-1252

              Thermo Electron Further Extends Exchange Offer for
                       Thermedics Shares to June 29, 2000

WALTHAM, Mass., June 26, 2000 - Thermo Electron Corporation (NYSE-TMO) announced
that it has further  extended the exchange offer for Thermedics  Inc.  (ASE-TMD)
common stock until midnight on June 29, 2000. The offer was extended because the
Securities and Exchange  Commission (SEC) has not yet declared Thermo Electron's
registration  statement for the exchange  offer  effective.  The company may not
accept shares of Thermedics  common stock  tendered in the exchange  offer until
the  registration  statement is declared  effective by the SEC.  Other terms and
conditions of the exchange offer remain unchanged.

      According to a  preliminary  report from the  depositary  for the exchange
offer,  approximately  8 million  shares  of  Thermedics  common  stock had been
tendered and not  withdrawn  pursuant to the  exchange  offer as of the close of
business on Friday,  June 23, 2000.  These  shares  represent  approximately  19
percent of the total number of Thermedics shares outstanding,  and when combined
with shares held by Thermo Electron, represent approximately 94 percent.

      Because of the extension  announced  today,  holders of Thermedics  common
stock may tender or withdraw their shares until  midnight on Thursday,  June 29,
2000,  unless the exchange  offer is further  extended.  The exchange  offer had
previously been scheduled to expire on June 23, 2000, at midnight.

       On May 1,  2000,  Thermo  Electron  mailed a  preliminary  prospectus  to
registered  holders of Thermedics  shares  regarding the exchange  offer and the
merger,  accompanied by a letter of transmittal that Thermedics shareholders can
use to  tender  their  shares  in  the  exchange  offer.  Beneficial  owners  of
Thermedics  shares  holding in street name through their brokers can receive the
preliminary  prospectus and letter of  transmittal  from their broker and should
contact their broker for those documents. In any case, copies of the preliminary
prospectus  and letter of  transmittal  may be requested  from D.F.  King & Co.,
Inc., the information agent for the exchange offer, by calling (800) 290-6433.

         Thermo  Electron  Corporation  is a leading  provider of analytical and
monitoring instruments used in a broad range of applications, from life sciences
research to  telecommunications  to food and beverage  production.  In addition,
Thermo  Electron  serves  the  healthcare  market  through a family  of  medical
products,  and is a major  producer  of paper  recycling  systems  and  provides
fiber-recovery  products.  As  announced  on January 31,  2000,  the company has
initiated  a major  reorganization  that  would  transform  it into one  company
focused  on its  core  measurement  and  detection  instruments  business.  More
information is available on the Internet at http://www.thermo.com.


Other Important Information:

We urge investors and security holders to read the following documents when they
become available,  regarding the exchange offer and the merger described in this
announcement, because they contain important information:

- -     Thermo Electron's preliminary prospectus, any prospectus supplement, final
      prospectus, and other exchange offer materials.

- -     Thermo Electron's  registration  statement on form S-4 and Schedule TO, as
      amended,  which contain or incorporate  by reference the documents  listed
      above and other information.

- -     Thermedics' solicitation/recommendation statement on schedule 14D-9.

These  documents and  amendments to these  documents  have been or will be filed
with the SEC. When these and other documents are filed with the SEC, they may be
obtained for free at the SEC's Web site at www.sec.gov.  You may also obtain for
free each of these documents,  when available, from us. You can call us at (781)
622-1111 or write to us at:

Investor Relations Department
Thermo Electron Corporation
81 Wyman Street, P.O. Box 9046
Waltham, MA  02454-9046

The following constitutes a "Safe Harbor" statement under the Private Securities
Litigation  Reform Act of 1995:  This  press  release  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 "Risk Factors"
in the company's Amendment No. 1 to Registration Statement on Form S-4 [Reg. No.
333-35478]  filed with the Securities and Exchange  Commission on June 14, 2000.
These include  risks and  uncertainties  relating to: the  company's  ability to
complete its corporate reorganization, the need for a favorable Internal Revenue
Service ruling regarding planned spin-offs of certain subsidiaries, divestitures
planned as part of the reorganization, integration of the instrument businesses,
issuance  of   significant   amounts  of  additional   shares  as  part  of  the
reorganization,  liquidity and prospective performance of the subsidiaries to be
spun off,  guarantees of obligations of the  subsidiaries  to be spun off, stock
price volatility,  goodwill acquired by the company, internal growth, the effect
of  exchange  rate  fluctuations  on  the  company's  significant  international
operations,   the  need  to  develop  new  products  and  adapt  to  significant
technological  change,  changes in governmental  regulations,  and dependence of
demand on capital spending and government funding policies.

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