August 13, 2006 — /PRWEB/ — New Bedford, MA Private equity firm The Watermill Group of Waltham, MA announced today the formation of MultiLayer Coating Technologies, LLC (MCT) in conjunction with its acquisition of the technology and assets of Polaroid’s contract coating business.
MCT will be responsible for existing third party contract manufacturing relationships of Polaroid New Bedford, as well as continuing to serve as a supplier for a crucial part of Polaroid’s supply chain. MCT will absorb current relationships in industries that include medical, electronics, display, imaging, security, defense, industrial, nanotechnology, and other high technology markets, in addition to pursuing new customers.
The new Company will utilize 50 years of Polaroid’s experience in precision roll-to-roll coating to focus solely on growing its contract manufacturing services. The Company has the ability to apply multiple layers of high precision coating on both sides of a flexible substrate in class 400 or better clean room environments. This provides an unsurpassed ability to manufacture a variety of high-performance products at very low cost.
Robert W. Ackerman, a partner at The Watermill Group and an executive with a history in managing web-processing companies, will serve as President of MCT. “We are excited about what the company will bring to the contract coating industry.” Richard N. Daniels, a former senior level executive in strategy and development at Polaroid now joining the new company, commented: “With exceptional trade secret coating assets and Polaroid’s highly qualified development and production staff, MCT is delighted to continue to offer contract manufacturing solutions to a broad set of industries”.
The acquisition includes Polaroid’s manufacturing facilities located in New Bedford, MA, together with Polaroid’s coating methods and applicator fabrication technology and equipment. All Polaroid New Bedford coating employees including management, scientific, engineering, and manufacturing personnel have been hired by MCT as part of the transaction.
Lawrence J. Weldon, Polaroid Director for the New Bedford site now joining the new company as VP of Manufacturing, emphasized the attractiveness of the facility to customers: “Our employees and state of the art coating capabilities are without equal in the world. With an average tenure of over 25 years in both the production and technical staff, the group has vast experience in developing processes and efficient manufacturing of coated materials for a variety of innovative products at Polaroid and a number of other companies.”
About MultiLayer Coating Technologies LLC
MultiLayer Coating Technologies LLC (www.multilayercoating.com), formerly Polaroid Contract Coating, is a leader in high precision roll to roll coating of flexible substrates. Focused solely on contract manufacturing, MCT works with customers in development and manufacture of coatings in medical, electronics, display, imaging, security, defense, nanotechnology, and industrial markets. MCT’s capabilities include chemical preparation, precision multilayer coating and precision drying, lamination, UV curing, slitting, and finishing operations. MultiLayer Coating Technologies is a Watermill Group company.
About Watermill Group
The Watermill Group (www.watermill.com) is a private strategic investment firm that focuses on acquiring middle-market companies in which it can add value through strategic and operational guidance as well investment capital. By leveraging 27 years of strategic, transactional and operating experience, Watermill helps its portfolio management teams thrive, to generate extraordinary returns for all stakeholders. Its principals have extensive expertise in manufacturing and value-added distribution, and differentiated services industries.
Polaroid Corporation, a division of Petters Group Worldwide, designs, develops, and manufactures instant and digital imaging products and consumer electronics products, which are marketed worldwide. The historical leader in instant cameras and film, Polaroid is rapidly expanding its leadership in digital cameras and consumer electronics products, such as LCD and Plasma TVs, GPS products, portable media players, portable DVD players, and other home entertainment products. For more information on Polaroid products and how to purchase them, visit the Polaroid website at www.polaroid.com.
For additional information, please contact: Robert W. Ackerman, Watermill Group, (781) 891-6660.
Press Contact: Richard Daniels
Company Name: MULTILAYER COATING TECHNOLOGIES LLC
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