Sales continued to grow rapidly, and the prosperity of the company and their vision for greater expansion led Sears and Rosenwald to take the company public in 1906, with a stock placement of $40 million ($ billion today). They had to incorporate a new company in order to bring the operation public; Sears and Rosenwald established Sears, Roebuck and Company with the legal name Sears, Roebuck and Co., in the state of New York, which effectively replaced the original company. The current company inherits the history of the old company, celebrating the original 1892 incorporation, rather than the 1906 revision, as the start of the company.