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Aether Industries extends partnership with Europe-based Polaroid

“The new pact builds upon the earlier agreement, and expands the cooperation in R&D and manufacturing with both Polaroid Film as well as Polaroid Sciences,” Aman Desai, promoter and whole time director of Aether Industries, said.

November 23, 2022 / 11:36 AM IST
Aether Industries

Aether Industries

Aether Industries, a specialised chemicals firm in India, has extended its partnership with Polaroid to supply and research for the Europe-based instant photography products firm.

Aman Desai, promoter and whole time director of Aether Industries, said, “We have enjoyed a rich and successful partnership with Polaroid for several years now, including a significant multi-year supply agreement inked in 2019. The new pact builds upon this earlier agreement, and expands the cooperation in R&D and manufacturing with both Polaroid Film as well as Polaroid Sciences.”

The deal projects total revenues of $15 million for the partnership period of at least three years which does not include turnover from supply and research agreements with the Polaroid Sciences business.

Both the companies have entered into a long-term Master-Service Agreement (MSA) for research & development and manufacturing services for Polaroid films. In an interview with CNBC-TV18, Desai, said, "The incremental value that will be generated from MSA with Polaroid will be $15 m over the next 3 years. This does not include the revenues that will be generated from corporations and the research & supply agreement from the Polaroid sciences."

He also mentioned that it will be a high EBITDA margin deal with Polaroid and that there's no need to make incremental investments to cater to MSA with Polaroid.

On the CRAMS (contract research and manufacturing services) front, he said that he would like it to contribute 20 percent to the revenue eventually as compared to the 13-15 percent of now.
Moneycontrol News
first published: Nov 22, 2022 03:01 pm