Surat, November 22, 2022: One of India’s fastest growing speciality chemicals company, Aether Industries Limited, has executed a long-term Master Supply Agreement (MSA) with Europe based Polaroid. Polaroid is the holding company of the global Polaroid group of companies which is best known and world-famous for its instant photography products.
The MSA includes cooperation in the areas of R&D and manufacturing services for Polaroid Film (instant photography chemistry) as well as Polaroid Sciences (new chemistry in fields of sustainability and medical use). Consequentially, the MSA proposes the groundwork for building on the current business as well as the creation of new research and supply agreements between the two companies. The MSA anticipates, based on historical data of the existing supply agreement between the two companies, an overall revenue of USD $ 15 million (approximately Rs. 1,215 million) over the partnership period of minimum 3 years. The revenues from additional research and supply agreements with the Polaroid Sciences division is not yet included, and will add to the aforementioned.
This partnership contributes to the CRAMS (Contract Research and Manufacturing Services) business model of Aether Industries. This business model has already seen a growth of 68% year on year for Aether, and this new MSA with Polaroid is expected to further fuel this growth.
Commenting on the signed MSA, Dr. Aman Desai (Promoter and Whole Time Director of Aether Industries) said, “this new MSA is an important milestone in the history of research and development between Aether and Polaroid. 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 MSA builds upon this earlier agreement, and also expands the cooperation in R&D and manufacturing with both Polaroid Film as well as Polaroid Sciences.”
The MSA was signed in Surat, India (Aether HQ) on 22nd November 2022 in the presence of a high level Polaroid delegation. Commenting on the MSA while in Surat, Polaroid group CEO Mr. Oskar Smolokowski said, “I’m very excited to enter this long term partnership – working with Aether and their impressive team has been a pleasure over the last years. We’ve already build considerable value together and I’m convinced we’ll continue down this path and grow even further over the next 3 years. ”