one of america’s best-known brand names, the instant cameras and film ‘polaroid holding company‘ will be acquired by the privately held company ‘petters group worldwide’ for $426 million. the deal is expected to close in the second quarter of 2005. founded by edwin land in 1937 as an optics company, polaroid introduced its first instant camera in 1948, an invention said to be inspired by a question from land’s young daughter, who had asked her father why she couldn’t immediately see a picture taken of her. based on the popularity of the camera, the company grew steadily. the advent of digital picture technology hit the company hard in the late ’90s.