<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
	<periodOfReport>2003-12-11</periodOfReport>
	<notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000097745</issuerCik>
        <issuerName>THERMO ELECTRON CORP</issuerName>
        <issuerTradingSymbol>TMO</issuerTradingSymbol>
	</issuer>
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            <rptOwnerCik>0001197930</rptOwnerCik>
            <rptOwnerName>SYRON RICHARD F/CA</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>81 WYMAN STREET</rptOwnerStreet1>
            <rptOwnerStreet2>P.O. BOX 9046</rptOwnerStreet2>
            <rptOwnerCity>WALTHAM</rptOwnerCity>
            <rptOwnerState>MA</rptOwnerState>
            <rptOwnerZipCode>024549046</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
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			<isOfficer>1</isOfficer>
			<isTenPercentOwner>0</isTenPercentOwner>
			<isOther>0</isOther>
			<officerTitle>Executive Chairman</officerTitle>
		</reportingOwnerRelationship>
	</reportingOwner>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
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			<transactionCoding>
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				<transactionCode>M</transactionCode>
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				<transactionShares>
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				</transactionShares>
				<transactionPricePerShare>
					<value>16.43</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>A</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
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			<ownershipNature>
				<directOrIndirectOwnership>
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					<value/>
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		<nonDerivativeTransaction>
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				</transactionShares>
				<transactionPricePerShare>
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					<value/>
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		<nonDerivativeTransaction>
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			<transactionCoding>
				<transactionFormType>4</transactionFormType>
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				<transactionShares>
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				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>142820.00</value>
				</sharesOwnedFollowingTransaction>
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			<ownershipNature>
				<directOrIndirectOwnership>
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				<natureOfOwnership>
					<value/>
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		<nonDerivativeTransaction>
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			<transactionDate>
				<value>2003-12-11</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
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			<transactionAmounts>
				<transactionShares>
					<value>900</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.03</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>141920.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
				<value>2003-12-11</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>200</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.04</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>141720.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-12-11</value>
			</transactionDate>
			<deemedExecutionDate>
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			<transactionCoding>
				<transactionFormType>4</transactionFormType>
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			<transactionAmounts>
				<transactionShares>
					<value>200</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.06</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>141520.00</value>
				</sharesOwnedFollowingTransaction>
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			<ownershipNature>
				<directOrIndirectOwnership>
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					<value/>
				</natureOfOwnership>
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		<nonDerivativeTransaction>
			<securityTitle>
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			<transactionDate>
				<value>2003-12-11</value>
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			<deemedExecutionDate>
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			<transactionCoding>
				<transactionFormType>4</transactionFormType>
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			<transactionAmounts>
				<transactionShares>
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				</transactionShares>
				<transactionPricePerShare>
					<value>23.07</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>140920.00</value>
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			<ownershipNature>
				<directOrIndirectOwnership>
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				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
			</securityTitle>
			<transactionDate>
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			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
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			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>9100</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.10</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>131820.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
				</directOrIndirectOwnership>
				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-12-11</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>1500</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.11</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
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			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>130320.00</value>
				</sharesOwnedFollowingTransaction>
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			<ownershipNature>
				<directOrIndirectOwnership>
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					<value/>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-12-11</value>
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				<transactionFormType>4</transactionFormType>
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				<transactionShares>
					<value>2800</value>
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				<transactionPricePerShare>
					<value>23.12</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
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				<sharesOwnedFollowingTransaction>
					<value>127520.00</value>
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			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
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		<nonDerivativeTransaction>
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				<value>Common Stock</value>
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			<transactionDate>
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			<deemedExecutionDate>
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				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
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			<transactionAmounts>
				<transactionShares>
					<value>3000</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.13</value>
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				<transactionAcquiredDisposedCode>
					<value>D</value>
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				<sharesOwnedFollowingTransaction>
					<value>124520.00</value>
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				<directOrIndirectOwnership>
					<value>D</value>
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					<value/>
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		<nonDerivativeTransaction>
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				<value>Common Stock</value>
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				<value>2003-12-11</value>
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			<deemedExecutionDate>
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				<transactionFormType>4</transactionFormType>
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			<transactionAmounts>
				<transactionShares>
					<value>2300</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.14</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>122220.00</value>
				</sharesOwnedFollowingTransaction>
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			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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					<value/>
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		<nonDerivativeTransaction>
			<securityTitle>
				<value>Common Stock</value>
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			<transactionDate>
				<value>2003-12-11</value>
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			<deemedExecutionDate>
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			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>S</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
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			<transactionAmounts>
				<transactionShares>
					<value>41900</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>23.15</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>80320.00</value>
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			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
				</natureOfOwnership>
			</ownershipNature>
		</nonDerivativeTransaction>
	</nonDerivativeTable>
	<derivativeTable>
		<derivativeTransaction>
			<securityTitle>
				<value>Stock Option (Right to Buy)</value>
			</securityTitle>
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				<value>16.43</value>
			</conversionOrExercisePrice>
			<transactionDate>
				<value>2003-12-11</value>
			</transactionDate>
			<deemedExecutionDate>
			</deemedExecutionDate>
			<transactionCoding>
				<transactionFormType>4</transactionFormType>
				<transactionCode>M</transactionCode>
				<equitySwapInvolved>0</equitySwapInvolved>
			</transactionCoding>
			<transactionAmounts>
				<transactionShares>
					<value>100000</value>
				</transactionShares>
				<transactionPricePerShare>
					<value>0</value>
				</transactionPricePerShare>
				<transactionAcquiredDisposedCode>
					<value>D</value>
				</transactionAcquiredDisposedCode>
			</transactionAmounts>
			<exerciseDate>
				<value>1999-06-01</value>
			</exerciseDate>
			<expirationDate>
				<value>2006-06-01</value>
			</expirationDate>
			<underlyingSecurity>
				<underlyingSecurityTitle>
					<value>Common Stock</value>
				</underlyingSecurityTitle>
				<underlyingSecurityShares>
					<value>100000.00</value>
				</underlyingSecurityShares>
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			<postTransactionAmounts>
				<sharesOwnedFollowingTransaction>
					<value>852755.00</value>
				</sharesOwnedFollowingTransaction>
			</postTransactionAmounts>
			<ownershipNature>
				<directOrIndirectOwnership>
					<value>D</value>
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				<natureOfOwnership>
					<value/>
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			</ownershipNature>
		</derivativeTransaction>
	</derivativeTable>
	<footnotes>
	</footnotes>
	<ownerSignature>
		<signatureName>By: Barbara J. Lucas, Attorney-in-Fact for R. Syron</signatureName>
		<signatureDate>2003-12-12</signatureDate>
	</ownerSignature>
</ownershipDocument>
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X0201
4
2003-12-11
0
0000097745
THERMO ELECTRON CORP
TMO
0001197930
SYRON RICHARD F/CA
81 WYMAN STREET
P.O. BOX 9046
WALTHAM
MA
024549046
1
1
0
0
Executive Chairman
Common Stock
2003-12-11
4
M
0
100000
16.43
A
180320.00
D
Common Stock
2003-12-11
4
S
0
23800
23.00
D
156520.00
D
Common Stock
2003-12-11
4
S
0
100
23.01
D
156420.00
D
Common Stock
2003-12-11
4
S
0
13600
23.02
D
142820.00
D
Common Stock
2003-12-11
4
S
0
900
23.03
D
141920.00
D
Common Stock
2003-12-11
4
S
0
200
23.04
D
141720.00
D
Common Stock
2003-12-11
4
S
0
200
23.06
D
141520.00
D
Common Stock
2003-12-11
4
S
0
600
23.07
D
140920.00
D
Common Stock
2003-12-11
4
S
0
9100
23.10
D
131820.00
D
Common Stock
2003-12-11
4
S
0
1500
23.11
D
130320.00
D
Common Stock
2003-12-11
4
S
0
2800
23.12
D
127520.00
D
Common Stock
2003-12-11
4
S
0
3000
23.13
D
124520.00
D
Common Stock
2003-12-11
4
S
0
2300
23.14
D
122220.00
D
Common Stock
2003-12-11
4
S
0
41900
23.15
D
80320.00
D
Stock Option (Right to Buy)
16.43
2003-12-11
4
M
0
100000
0
D
1999-06-01
2006-06-01
Common Stock
100000.00
852755.00
D
By: Barbara J. Lucas, Attorney-in-Fact for R. Syron
2003-12-12