SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549
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                         AMENDMENT No. 1 ON FORM 10-Q/A

(mark one)
[ X ]  Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934 for the Quarter Ended October 3, 1998.

[   ]  Transition Report Pursuant to Section 13 or 15(d) of the Securities
       Exchange Act of 1934.

                          Commission File Number 1-8002

                           THERMO ELECTRON CORPORATION
             (Exact name of Registrant as specified in its charter)

Delaware                                                         04-2209186
(State or other jurisdiction of                            (I.R.S. Employer
incorporation or organization)                          Identification No.)

81 Wyman Street, P.O. Box 9046
Waltham, Massachusetts                                           02454-9046
(Address of principal executive offices)                         (Zip Code)

     Registrant's telephone number, including area code: (781) 622-1000

      Indicate by check mark whether the Registrant (1) has filed all reports
      required to be filed by Section 13 or 15(d) of the Securities Exchange Act
      of 1934 during the preceding 12 months (or for such shorter period that
      the Registrant was required to file such reports), and (2) has been
      subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]

      Indicate the number of shares outstanding of each of the issuer's classes
      of Common Stock, as of the latest practicable date.

                 Class                   Outstanding at October 30, 1998
     -----------------------------       -------------------------------
     Common Stock, $1.00 par value                 158,834,186




                           THERMO ELECTRON CORPORATION
                                        
PART II - OTHER INFORMATION

Item 6 - Exhibits

(a)  Exhibits

    See Exhibit Index on page immediately preceding exhibits.


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                                   SIGNATURES


    Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized as of the 19th day of November 1998.

                                       THERMO ELECTRON CORPORATION




                                       Paul F. Kelleher
                                       -------------------------------
                                       Paul F. Kelleher
                                       Senior Vice President, Finance
                                         and Administration


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                                  EXHIBIT INDEX


Exhibit
Number     Description of Exhibit
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   3       By-laws of the Registrant, as amended.