Minnesota’s Pohlads Acquire Polaroid Majority
MINNEAPOLIS (AP) - Minnesota's Pohlad family has acquired majority ownership of Polaroid in a $70 million deal.
Minnetonka-based Polaroid is best known for making instant cameras but now focuses on a range electronic products. The company filed for bankruptcy in 2008.
A federal bankruptcy judge last week reportedly approved selling a partial ownership stake to the family and an undisclosed partner.
The Pohlad group also acquired ownership from previous investors in Polaroid to gain control of about 65 percent of the company.
The transaction was completed Monday.
The Pohlads are one of the wealthiest families in Minnesota and have owned the Minnesota Twins baseball team since 1984.