In 1955, Haloid signed a new agreement with Battelle granting it full title to Carlson's xerography patents, in exchange for fifty thousand shares of Haloid stock. Carlson received forty percent of the cash and stock from that deal, due to his agreement with Battelle. That same year, the British motion picture company Rank Organisation was looking for a product to sit alongside a small business it had making camera lenses. Thomas A Law, who was the head of that business, found his answer in a scientific magazine he picked up by chance. He read about an invention that could produce copies of documents as good as the original. Mr Law tracked down the backers – Haloid. In order to exploit those patents in Europe, Haloid partnered with the Rank Organisation in a joint venture called Rank Xerox. As photocopying took the world by storm, so did Rank's profits. According to Graham Dowson, later Rank's chief executive, it was "a stroke of luck that turned out to be a touch of genius … If Tom Law had not seen that magazine, we would not have known about xerography – or at least not before it was too late".