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3M Acquires Polaroid Technical Polarizer and Display Films Business.

ST PAUL, Minn. and CAMBRIDGE, Mass., April 3 /PRNewswire/ --

3M (NYSE: MMM) and Polaroid Corp. (NYSE: PRD) today announced that 3M's Optical Systems Division has purchased Polaroid's Technical Polarizer and Display Films business. The sale includes the acquisition or licensing of Polaroid patented technologies related to this business. Financial terms were not disclosed.

"This enhances 3M's display films portfolio by adding Polaroid's polarizer (circular, h-type and k-type), plastic display and certain display-viewing-enhancement film technologies," said Andrew H. Wong, division vice president, 3M Optical Systems Division. "We will continue to supply polarizing material to current customers, as well as to Polaroid for its finished sunglass, sunglass lens and sheet business," Wong said.

3M's line of light management products includes dual brightness enhancement film (DBEF), a proprietary thin film reflective polarizer that increases screen brightness for liquid crystal displays and extends the battery charge in portable devices. Other applications for 3M's display films include desktop monitors, palmtop computers, display phones, instrumentation, word processors, personal TVs, camcorders, mobile communication devices, automotive and avionics displays, and more.

Judith G. Boynton, executive vice president, business development, and chief financial officer, Polaroid Corp., said, "This allows us to focus our resources on growing our core imaging business. We're pleased that a world-class company like 3M, which recently acquired our computer monitor anti-glare filter operation, decided to buy this business."

The business will continue to operate at its current site in Norwood, Mass. A significant majority of the 85 employees will be offered positions with 3M. "We are impressed by the talent and expertise of our new employees and look forward to working together to build a strong and successful business," Wong said.

3M is a global diversified manufacturer of innovative products for the electronics, telecommunications, health care, industrial and consumer markets with annual sales of more than $15 billion. 3M has operations in more than 60 countries and is one of the 30 companies in the Dow Jones Industrial Average stock index.

Polaroid Corp., with annual sales of approximately $2 billion, is the worldwide leader in instant imaging. Polaroid supplies instant photographic cameras and films; digital imaging hardware, software and media; and secure identification systems to markets worldwide.
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Publication:PR Newswire
Date:Apr 3, 2000
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