Western Union has taken of 451st position in the rating Fortune 500 in 2009, having moved from 473rd line in 2008. In 1988, the company undertook a massive reorganization in response to rapidly changing business conditions. In particular, this need has arisen due to many technological changes that have taken place at that time. Company name was changed from Western Union Telegraph Co. to Western Union Corp. The Western Union Company - the American company, specialising on granting of services of monetary intermediary. Western Union was founded in 1851. The company is one of leaders in the market of the international remittances. Western Union has several divisions, with products such as person-to-person money transfer, money orders, business payments and commercial services. In April 1851 companions registered in Albany New York and Mississippi Valley Printing Telegraph Company (NYMVPTC), which included founded two years before New York State Printing Telegraph Company. In 1991, Western Union has sold some low-profit division of the company AT & T, GM Hughes Electronics, and to some others. In the same year the company changed its name to New Valley Corp. Before transition to remittances Western Union company rendered services on sphere of cable communication. 1970 - a new service called In 1879 Western Union left the telephone business after losing a lawsuit against Alexander Graham Bell - the patent holder on the phone.