Word: haloid
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...Photocopier 1949, by Haloid (later Xerox), having acquired Chester Carlson's basic xerographic patents...
...would have to slow; and it has now come true. Last year the company posted record revenues of $4 billion, but its profits suffered their first decline -a gossamer 1.8% before write-offs, to $342 million-since 1951, when Xerox was a small photographic-paper maker, known as the Haloid Co., in Rochester. Worldwide recession contributed to the decline, as did start-up costs for a new copier and the company's 800-model high-speed office typewriter...
...when he was deputy chairman, Davis was responsible for a master stroke. He had Rank buy $2.8 million worth of stock in U.S. Haloid Co., now Xerox Corp., after both RCA and IBM had passed up the opportunity. That investment has since metamorphosed Into a 49% share of Rank Xerox, a Xerox division responsible for all sales of copiers outside the Western Hemisphere and the Far East; it returned Rank profits last year alone of $129 million. After that coup, though, Davis seemed to lose his touch...
When it comes to image building, few big corporations outshine Xerox. A firm that started small (as the Haloid Co.) and grew gigantic on the success of its office copiers, Xerox is known as the builder of a brilliant research team, an enlightened employer, and a responsible corporate citizen. Last year it began a unique sabbatical program in which 20 of its employees each year are paid to work full time on outside social projects. The company regularly sponsors some of TV's best programming, and the price record of its stock is something of a Wall Street legend...
...would have to be psychoanalyzed to say if I would take the same risk again," he said later. "It's when you're very young and naive that you have the courage to make the right decisions." Over the next twelve years, Haloid poured some $75 million into what has been named "xerography" (from the Greek words for "dry writing"), about twice its earnings from regular operations. The difference was scraped up through loans and new stock, some of which Wilson and other executives accepted in lieu of salary. In 1960, the first fully automated Xerox machine came...