Atlas Corporation
| Company type | Private |
|---|---|
| Industry | Investment management, Capital formation |
| Founded | 1928 |
| Founder | Floyd Odlum, Boyd Hatch |
Area served | United States |
Key people | Floyd Odlum (president), Boyd Hatch (vice-president), Hortense Odlum (president of Bonwit Teller) |
| Products | Investment trusts, Asset management |
The Atlas Corporation is a United States-based investment firm that originated in 1928 through the consolidation of the United Corporation, which was founded in 1923 with an initial capital of $40,000, and Atlas Utilities and Investors Ltd. Focusing on capital formation and asset management, by 1929 Atlas had grown into a $12.55 million investment trust. The company successfully endured the challenges of the Wall Street crash of 1929 and continued to grow during the 1930s and 1940s. The organization was established by notable figures including Floyd Odlum as president and his brother-in-law Boyd Hatch serving as vice-president.
Atlas held investments across a variety of sectors such as Greyhound Lines, Bonwit Teller (which it acquired in 1934), Franklin Simon & Co. (acquired in 1936), Madison Square Garden, as well as in mining, utilities, aviation, and banking industries. Following the acquisition of Bonwit Teller, Floyd Odlum appointed his wife, Hortense Odlum, as president in 1934, marking her as the first woman to lead a major department store chain.
In 1947, Atlas purchased Consolidated Vultee Aircraft Corporation (later known as Convair) from AVCO. The corporation’s name was subsequently used for the Atlas Missile program launched in 1951, which became the United States’ initial ICBM and played a critical role in supporting the Mercury space missions.
In 1948, controlling shares of RKO Pictures were acquired from Atlas by Howard Hughes.
Today, Atlas Corporation’s investment portfolio primarily focuses on natural resource industries.