Xerox is an American company founded in 1906 that produces and sells a wide range of multifunction systems, printers, photo copiers, printing presses and related printing supplies. When they were first founded they were called The Haloid Photographic Company and mainly produced photographic paper and associated equipment. It wasn't until 1959 that they created their first photocopier and changed their name to Xerox. During the 60's and 70's Xerox came to prominence as a widely known name as they produced smaller and more advanced photo copiers that could be placed directly onto an office desk. Xerox was the company that created the laser printer by modifying a copier in 1969 and by 1977 the first commercial laser printer was launched. During the 70's the laser printer made them billions of dollars and helped them expand all across America. Over the last 30 years Xerox has continued its success in the copier and printer market spending billions on research and development and revolutionizing the way modern offices work today with their inventions. The word Xerox is a common term used today to mean "copy". Today Xerox is the leading copier manufacturer with assets totalling more than $30 trillion and more than 136,000 employees.