Clement Keys formed North American Aviation and the Curtiss-Wright Corporation.
With the financial support provided by air mail contracts from the U.S. government, four large aviation holding companies soon arose. William Boeing and Frederick Rentschler of Pratt & Whitney formed the first and the largest, United Aircraft and Transport Corporation. Clement Keys formed North American Aviation and the Curtiss-Wright Corporation. Aerial photography pioneer Sherman Fairchild, Averill Harriman, and Robert Lehman created The Aviation Corporation (AVCO). While these consolidations promised greater efficiency, airlines still remained unprofitable without government help.