Private equity firm The Watermill Group of Waltham, MA has announced 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.
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.
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.
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.