[Investor Contact:  781-622-1111]                                Exhibit 99.2
[Media Contact:  781-622-1252]

                    THERMO FIBERTEK CHANGES NAME TO KADANT
                       AND COMPLETES REVERSE STOCK SPLIT

WALTHAM, Mass., July 12/PRNewswire/ -- Thermo Fibertek Inc. (Amex: TFT - news)
has officially changed its corporate name to Kadant, Inc., effective today at 9
a.m. EDT, as previously announced. Securities of Kadant will begin trading under
the ticker symbol "KAI" on the American Stock Exchange.

Kadant also announced that is has completed a one-for-five reverse split of its
common stock.  Every five shares of common stock outstanding and held by Kadant
shareholders as of the close of business on July 11, 2001, were converted into
one share of Kadant common stock today at 9 a.m. EDT. Shareholders approved the
filing of the amendment to effect the name change and reverse stock split at the
company's annual meeting in May.

Shareholders with existing stock certificates representing shares of Thermo
Fibertek will be contacted by Kadant's transfer and exchange agent, American
Stock Transfer & Trust Co., regarding the process for exchanging those original
certificates for new post-split certificates. Shareholders should not submit
their stock certificates to the transfer agent until they have received these
instructional materials. Following the reverse split, transfers of existing
certificates will be honored; however, such certificates will represent only
one-fifth of the number of shares listed on those certificates. Convertible
subordinated debentures, options and other rights to purchase shares, as well as
other securities convertible into shares of Kadant common stock, will be
adjusted to reflect the reverse stock split.

Shareholders will receive cash in lieu of fractional shares resulting from the
reverse split. The cash amount will be calculated by multiplying $18.00 by the
fractional share interest that a holder of Kadant common stock would otherwise
have been entitled to receive. The $18.00 represents the closing price per share
of Kadant common stock as reported on the American Stock Exchange on July 11,
2001, as adjusted for the reverse split.

Kadant Inc. is a leading supplier of a range of products and systems for the
global papermaking and paper-recycling industries, including de-inking systems,
stock-preparation equipment, water-management systems, and papermaking
accessories. Through its majority-owned Thermo Fibergen subsidiary, the company
also develops and commercializes composite building materials produced from
natural fiber and recycled plastic. Kadant is a public subsidiary of Thermo
Electron Corporation.
(Photo: http://www.newscom.com/cgi-bin/prnh/20010711/TMOLOGO) [The hyperlink
leads to an image of the company's new logo which consists of the word "KADANT"
and the phrase "AN ACCENT ON INNOVATION".]

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 "Forward-looking
Statements" in Exhibit 13 to the company's annual report on Form 10-K for the
year ended December 30, 2000. These include risks and uncertainties relating to:
the company's dependence on the paper industry and pulp and paper prices,
international operations, competition, ability to enter the composites market,
dependence on patents and proprietary rights, acquisition strategy, fluctuations
in quarterly operating results, and the proposed spin-off of the company.