Xerox has a proud tradition of pioneering research and continues to be in the forefront of innovation. Chester Carlson's invention of xerography more than 70 years ago was an extraordinary milestone in the development of the modern information age, as now individuals could much more easily share and access information.
Xerox has a rich history of innovation. As the inventors of Ethernet over 30 years ago, we helped build the foundation for today's Internet. In fact, not known to many, the Ethernet's first commercialization was as a communication bus in our production publishing systems in the early 1990s.
Our heritage of innovation continues to flourish. Today Xerox has 5000 scientists and engineers worldwide. We also have many excellent open innovation partnerships. The most important one is our joint-venture partner Fuji Xerox in Japan which was established in 1962. Together Xerox Group invests $1.4 B in R&D each year. We have been issued over 50 thousand patents worldwide; and are issued 2 patents each and every day. This is a clear indication of the creativity and innovative spirit of our scientists and engineers.