Spectra-Physics Acquisition Completed

IRVINE, Calif., July 16 -- Newport Corp. announced today it has completed its acquisition of Spectra-Physics from Thermo Electron Corp., for $300 million. (See "Newport to Buy Spectra-Physics.") The final price is subject to a post-closing net asset adjustment.

Spectra-Physics represents substantially all of the optical technologies business of Thermo Electron. The purchase price is comprised of $200 million in cash, a $50 million promissory note bearing 5 percent interest and payable in 2009 and 3.2 million shares of Newport Corp. common stock, which are valued at $50 million based on the average share price of $15.53 for the 20 trading days ended two days prior to the closing of the transaction.

Newport said it will provide specific information about expected transaction costs, integration costs and synergy savings, as well as financial guidance for the combined company, during its second-quarter earnings release conference call on July 29.

For more information, visit: www.newport.com