Saturday, May 14, 2005
Polaroid jeans, anyone?
Well, the merger between Peters Group and Polaroid is a done deal. I put in the quote from Thomas Peters below only because it sounds so ridiculously corporate. It almost doesn't make sense. Why do companies talk that way in press releases?
Polaroid Merger
Polaroid Merger
The big deal here is the Polaroid brand. That's what Peters shelled out $426 million for. Look for it to be used on more than just electronics -- why you might be able to buy Polaroid cookware one day. Imagine.
Thomas J. Petters, Chairman and Chief Executive Officer of Petters Group Worldwide, said, "The Polaroid acquisition marks a significant milestone in the strategic plan for Petters Group Worldwide. Petters and Polaroid together make an extraordinary team that will propel us through our next phase of growth. We are now well prepared to meet the emerging needs of our customers in a converging world of consumer electronics, digital imaging and photography. Our ability to rapidly develop and deploy innovative consumer electronics and digital imaging products coupled with Polaroid's respected brand, promising technology and dedicated employees position us well to meet
the challenges of the future."
As a side note, this merger wiped out the pension plans of Polaroid employees, but top executives made out like bandits. Read about it here:
The Branding of Polaroid, 1957 - 1977
