Xerox Corporation is a giant conglomerate based in the United States of America. Founded in 1932, the corporation provides consulting services, imaging services, and document outsourcing services. While it is known for its photocopying division, the company has produced several noteworthy products over the years. The company’s other well-known products include scanners, multifunctional devices, and digital printing systems.
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Xerox’s origins can be traced to 1906, when the Haloid Company was founded in Rochester, New York. Initially ignored by the Eastman Kodak Company, The Haloid Company had to compete with large companies like Kodak, and was able to gain a foothold in the photocopying market. In 1912, Rochester businessman Gilbert E. Mosher purchased the company for $50,000 and eventually became its president, while leaving the day-to-day operations to its founders.
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Xerox’s share price rose nearly 30% following the sale of its copier business to IBM. The article was written by Business Week’s James R. Norman. The company’s stock fell more than five percent following the sale of its insurance unit to KKR. Its share price dropped to an all-time low of $43.75. The company now aims to build on its core businesses and increase shareholder value.
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In 1994, Xerox began looking at the future of the office, renaming itself “The Document Company.” The name change reflected the shift away from the old analog technologies to digital ones. The company also began investing in multifunctional copiers. The first of these machines was sold to a medical office in 1989. By 1990, Xerox had acquired a property casualty insurance company and two investment-banking firms.
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