Private equity firm The Watermill Group of Waltham, MA announced the formation of MultiLayer Coating Technologies in conjunction with its acquisition of the technology and assets of Polaroid’s contract coating business. MCT will be responsible for existing third party contract manufacturing relationships of Polaroid New Bedford, as well as continuing to serve as a supplier for a crucial part of Polaroid’s supply chain. MCT will absorb current relationships in industries that include medical, electronics, display, imaging, security, defense, industrial, nanotechnology, and other technology markets. All Polaroid New Bedford coating employees including management, scientific, engineering, and manufacturing personnel have been hired by MCT as part of the transaction.