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. In the 30's of the twentieth century, Western Union has become the world's largest telegraph company. Western Union has several divisions, with products such as person-to-person money transfer, money orders, business payments and commercial services. In 1935, Western Union has put into operation first intercity fax communication. 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. In 1849, Selden and Sibley, the founders of the future Western Union, created the New York State Printing Telegraph Company. Western Union for more than 130 years provides money transfer services to its customers.