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News > Technology
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Xerox to spin off PARC
graphic December 11, 2001: 2:45 p.m. ET

Company will make research center independent, seek outside partners.
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  • Xerox elects Mulcahy chairman - Dec. 3, 2001
  • Xerox, EDS extend partnership - Nov. 28, 2001
  • Xerox raises $1 billion - Nov. 27, 2001
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  • Xerox
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    NEW YORK (CNN/Money) - Xerox Corp said Tuesday it will turn Xerox PARC, its famed Palo Alto Research Center, into an independent company and seek strategic partners for the project.

    The company said active discussions are under way with "key potential investors."

    "The current PARC organization will be the nucleus of the new company, but we intend to augment it with business development and management functions," President Herve Gallaire of Xerox Innovation Group said. "We have developed a model that will preserve the culture and innovative capacity of PARC."

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    The newly formed company is expected to begin operations after Jan. 1 as a wholly owned Xerox (XRX: up $0.15 to $8.60, Research, Estimates) subsidiary. Under that structure, Xerox will continue to maintain access to PARC's research and technology.

    PARC employees will transfer from Xerox to the new company and an external search for a CEO of this company is under way, Xerox said.

    Xerox PARC, founded in 1970, is one of seven Xerox global research centers.

    PARC has been the source of many major technology breakthroughs over the years. Researchers there conceptualized the first notion of the desktop computer and laid the groundwork for the graphical user interface that is included in today's computer operating systems. graphic


    -- from staff and wire reports

      RELATED STORIES

    Xerox elects Mulcahy chairman - Dec. 3, 2001

    Xerox, EDS extend partnership - Nov. 28, 2001

    Xerox raises $1 billion - Nov. 27, 2001

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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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