“MINNETONKA, Minn. – Twin Cities entrepreneur Tom Petters plans to buy Polaroid Holding Co. for $426 million, his company announced Friday.
Waltham, Mass.-based Polaroid, best known for its instant picture cameras and sunglasses, has seen digital photography badly erode its market share.
“I’m really excited about it,” Petters said from the Consumer Electronics Show in Las Vegas. “It’s a great brand. It’s a brand that has stayed in consumers’ minds.”
The Minnetonka-based Petters Group Worldwide plans to absorb Polaroid into its consumer brands business, which sells electronics and other goods to major retailers such as Wal-Mart, Target and Best Buy.
The two companies said they believe the deal will create a “global leader in imaging and consumer electronics” that will extend the Polaroid brand to products “for the digital age,” such as plasma TVs.
Polaroid and Petters already have a relationship. For the past two years Petters Group has been a Polaroid licensee, putting the brand on DVD players and televisions.”
I am not so sure about this one, could be a big bust. Coming late to this party is costly.