Polaroid Forms Subsidiary

Polaroid Corp. created its first wholly owned operating subsidiary, Polaroid Eyewear Inc., in an effort to maximize the growth of its polarized sunglasses business. The company, which also makes cameras and instant film, said it picked Dean Butler, founder of the Lens Crafters chain, to be the unit’s chairman. Polaroid said the sunglasses business had $50 million in sales last year and turned a profit. Polaroid Eyewear will be based in Braintree, Mass., with 125 employees and lens-manufacturing operations in Vale of Leven, Scotland. Polaroid shares fell 94 cents to close at $41.50 on the New York Stock Exchange.