Word: xeroxing
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Like the movies and TV before it, the copying-machine industry has been eager to move from a purely black-and-white technology into color reproduction. It has long been known that such mammoths as Xerox, RCA and Po laroid were entered in the race. Yet last week, in a preview at Manhattan's Roosevelt Hotel, St. Paul-based 3M Co. (formerly Minnesota Mining and Manufacturing) was the first to break from the gate. When the gold curtains parted on the stage of the hotel ballroom, 3M proudly revealed two prototypes of a copying machine that can faithfully reproduce...
...Opportunities Corp., which grew out of a proposal made by Eastman Kodak. R.B O.C. provides technical expertise in everything from plant layout to accounting, has set up a free night class in business management at a local college. So far the organization has helped 24 Negroes to start businesses. Xerox teamed up with R.B.O.C. and a militant Negro organization named FIGHT to establish a Negro-owned company to manufacture transformers and metal stampings. Xerox will buy $500,000 worth of them yearly...
...transaction would involve trading five million shares of Xerox common stock, totaling $1.5 billion, for 19.8 million shares of C.I.T., which Xerox will value at around 70. With combined assets of $4.5 billion, the two companies are the most startling recent example of a business trend that is fast turning into a race: conglomerate mergers, or unions of companies in unrelated fields. Outwardly, Xerox and its fantastically successful photocopying machines (1967 sales: $700 million) may seem to have little in common with C.I.T., the nation's second largest finance company, which also has interests in insurance, banking and consumer...
...discuss the matter with their boards of directors, much less the public. But word soon began seeping out, and both knew that the Securities and Exchange Commission takes a dim view these days of executives who hold back news of pending deals. Thus last week the top men of Xerox Corp. and C.I.T. Financial Corp. announced plans to join their companies in one of the largest corporate mergers in history...
...Vague. While both companies' boards and stockholders have yet to approve the plan, however, it clearly made sense to Xerox President C. Peter McColough and C.I.T. Chairman L. Walter Lundell, the men who shook hands on the deal. As primarily a leaser rather than a seller of machines, Xerox needs constant access to borrowed capital, which C.I.T. now handles in sums that total up to $2 billion at any given time. Xerox has been in the market for merger partners or acquisitions for several years, ever since former President Joseph Wilson decided that "our future depends on what...