Timeline of Polaroid’s History
Key events in Polaroid’s history:
_1937: Edwin H. Land, 11 years after leaving Harvard University following his freshman year to study light polarization, founds Polaroid and develops products including day glasses and a polarizing desk lamp.
_1947: Land introduces instant imaging at the Optical Society of America meeting in New York. A year later, the company introduces its first instant camera and film in Boston. The camera retails for $89.50.
_1963: Polaroid introduces instant color film and Model 100 folding pack camera, the first to use transistorized electronics to manage shutter speed for timing.
_1983: Polaroid boasts 13,402 employees, $1.3 billion in sales, and more than 1,000 patents. The company introduces the Polaroid Palette, a computer image recorder, and begins selling blank videocassette tapes.
_1991: Land dies at age 81. The company produces its 1 billionth pack of instant film and is paid $925 million by Eastman-Kodak to settle a patent infringement lawsuit.
_1995: Gary T. DiCamillo is hired as first outsider to head Polaroid. Company lays off 2,500 workers amid concerns of slumping sales. Some stockholders worry it is ignoring instant imaging, its cash cow, in favor of unproven technology.
_1997: Polaroid shares briefly trade at more than $60.
_February, 2001: Announces 950 job cuts along with plan to sell real estate assets and restructure company to develop instant imaging business.
_June 13, 2001: Polaroid, its stock trading at less than $4 per share, cuts 2,000 jobs, or 25 percent of work force.