Newport to Buy Unit of Thermo Electron

Newport Corp., which makes testing equipment for the semiconductor industry, agreed to buy Thermo Electron Corp.’s optics business for $300 million to more than double sales to health- and life-science customers.

The total consists of $200 million in cash, $50 million in Newport stock and a $50-million promissory note, Irvine-based Newport said. The Spectra-Physics unit makes products including optical lasers and light amplifiers for the telecommunications and biotechnology industries.

Waltham, Mass.-based Thermo Electron shares fell 12 cents to $30.66 on the NYSE. Newport shares rose 51 cents to $15.04 on Nasdaq.