Astorco

**Astor Corporation Inc.**
Type	Public
Traded as	PSE: AST
Industry	Conglomerate
Founded	September 11, 1857; 167 years ago
Founder	Kier Astor
Headquarters	Seattle, Tahoma, Astoria
Area served	89 countries
Key people	Evelyn Astor (Chairman and CEO); Jeffery Astor (CFO)
Services	Pharmaceutricals ; Chemical industry ; Telecommunication ; Shipping ; Freight transport ; Maritime transport ; Heavy industry
Revenue	▲ ASD$522 billion (2023)
Operating income	▼ ASD$52.2 billion (2023)
Net income	▼ ASD$36.54 billion (2023)
Total assets	▲ ASD$652.5 billion (2023)
Total equity	▲ ASD$435 billion (2023)
Owner	Astor family
Number of employees	1.8 million
Divisions	Astor Pharmaceuticals ; AstorChem ; Transcontinental Communications ; Astor Heavy Industries ; Astor Rail ; Astor Line
Slogan	Empowering Progress, Enriching Lives: Astorco, Shaping the Future Together.
Website	astorco.com

Astor Corporation Inc. (formerly Astor Banking Inc.), commonly known as Astorco, is an Astorian multinational conglomerate headquartered in Seattle. Comprised of numerous affiliated businesses, most of them unified under the Astorco brand, it is the largest corporation in Astoria. Publicly traded on the Porciúncula Stock Exchange (PSE) as AST, the Astor family holds a majority of the company's shares. Founded by Kier Astor in Kier Astor for land speculation in the Oregon Territory, it emerged as a land bank monopoly in the Commonwealth of Astoria. The company played a significant role during the initial founding of Astoria in 1863. Astorco's various divisions and subsidiaries are engaged in a variety of industries. Astorco employs approximately 1.8 million employees worldwide as of 2023.

History

Kier Astor, founder and first chairman, established Astor Banking & Co. in 1857 which was renamed to the Astor Corporation in 1894.

Regional instability within the Oregon Territory and civil unrest made land speculation in Pacific Northwest a risky investment causing a sharp decline in land value and disinterest by Manhattan and London financiers. Kier Astor, son of real estate mogul John Jacob Astor, inherited the entirety of his father's wealth in 1856 at the age of 19. Astor became unsettled with growing discontent in the United States concerning the issue of slavery; fearing that a civil war would eventually upend the country. Astor was intrigued by the actions of Charles I of Sierra, who utilized his fortunes to establish the Kingdom of Sierra and sought to replicate his successes in the Oregon Territory. The Astors were also interested in reestablishing the family's interests in the opium trade, an industry that initially established the dynasty's wealth.

Founded as the Astor Banking & Co. in 1857, the initial financial institution began buying up large plots of pristine agricultural land and coastal sites for ports in the Oregon Territory. Financing the British and French endeavors in the Second Opium War alongside the mass buyout of land in the Oregon Territory, the Astors hoped by securing interests in China and establishing a safe site for opium production the family could establish a drug monopoly in the Pacific. Large scale production of opium on American soil caused the United States government to intervene in 1859, leading to the company's lobbying campaign in the United States Congress. Utilizing bribery, blackmail and other various tactics the company was successful in ending the governments efforts to halt opium production.

Passage of the Drug and Pharmaceuticals Act of 1859 allowed sanctioned business ventures of the federal government the ability to cultivate opium within the United States. Astor sold extensive amounts of shares of the Transcontinental Communications, the primary contractor for the telegraph system that won major share of work after the passage of the Pacific Telegraph Act of 1860, to members of Congress. In 1859 Astor Banking & Co. established Astor Pharmaceuticals as the business responsible for the manufacturing and processing of the opium produced in the Oregon Territory. Several other companies were established to assist in the transportation of opium; North Pacific Shipping (now Astor Heavy Industries) and North Pacific Freight Company (now Astor Rail and Astor Line).

Already heavily involved in the United States government, the Astor family utilized their ancestral connections in the United Kingdom to assist the passage of the Government of India Act 1858 and bring an end to the East India Company. The Astors which they viewed as a rival (albeit declining) in Asia. Investment into the British and French efforts in China was so extensive, that Kier Astor was invited to the signing of the Convention of Peking. Astor advocated for the creation of a British treaty port in Zhoushan prior to the convention, the company's involvement in British affairs drew the ire of the United States government and the newly elected Republican majority. Abraham Lincoln sought to bring the Astors in line with American foreign policy and end the cultivation of opium within the United States.

Lincoln and the Republican Party ceased their efforts to end the Astors business endeavors in the Pacific Northwest in 1861 during the onset of the American Civil War. Astor Pharmaceuticals became the largest supplier of morphine to the United States government. Other major products included quinine, chloroform, paregoric and ether. Mass production of chemicals necessary to fufill the needs of the United States became a daunting task for the pharmaceutical division and in 1862 established Astor Chemical (now AstorChem). By 1863 the company became the largest producer of morphine in the world. Efforts to admit the Oregon Territory to the United States as a state were thwarted by lobbyists of the company, who had no interest of dealing with the growing American settler population in the Willamette. Republican members of Congress and Abraham Lincoln revived the party's effort to dismantle the corporation; viewing the Astors as a British aligned entity that worked against American interests. The federal governments breakdown in relations with the Astors led to the September 1, 1863 declaration of independence of the Commonwealth of Astoria.

Formation

Stock & profitability

Astor Corporation Inc. (Astorco) is publicly traded on the Porciúncula Stock Exchange (PSE) under the ticker symbol AST. As the largest corporation in Astoria, the company's stock is a cornerstone of the nation's financial markets, reflecting its significant influence and economic standing. Astorco's stock is often used as an indicator by global investors for the Astorian economy.

The Astor family holds a majority of the company's shares. While publicly traded, the family's significant ownership holds a guiding influence on the company's strategic decisions, through direct control and utilizing allied shareholders holders. Astorco's stock performance has historically mirrored the company's diverse operations. Investors have seen the stock as a reliable indicator of Astorco's success across various industries. Over the past fiscal year, AST stock has seen a 20% increase, reflecting the company's resilient performance across various industries. The company declared a dividend of $5 per share in the last quarter of 2022.

Its roughly 1.8 million workforce generate a median $290,000 per employee, which has drawn concern from shareholders. Efforts to decrease the workforce were stopped by the Astor family in 2018, 2021 and most recently in 2023. In 2020, the median stock price stood at $76.4, it increased to $93.1 in 2021, $109.5 in 2022 and $132.7 in 2023.

Corporate affairs

Leadership

Headquarters of Astorco located in the outskirts of Seattle.

Astor Corporation is led by Evelyn Astor, who serves as both Chairman and Chief Executive Officer (CEO). The executive team includes Jeffery Astor, who holds the position of Chief Financial Officer (CFO).

Kier Astor (1857 - 1875)
Adelaide Astor (1875 - 1888)
Gerhardt Astor (1888 - 1920)
Victor Astor (1920 - 1935)
Eleanor Astor (1935 - 1948)
Winston Astor (1948 - 1975)
Isabel Astor (1975 - 1988)
Oliver Astor (1988 - 2005)
Evelyn Astor (2005 - Present)

Corporation recognition and rankings

The company has received recognition and accolades across various domains for its contributions to industries, commitment to corporate responsibility, and sustained innovation. In the realm of industry-specific awards, Astorco has been honored with distinctions such as the Innovator of the Year by the Global Innovation Forum, acknowledging the company's advancements in technology and product development. The Environmental Leadership Council has also recognized Astorco with the Sustainable Business Award for its commitment to environmentally friendly practices and sustainable business operations.

In financial rankings, Astorco consistently secures positions, including the Newstar International 2000 and Newstar 500. Astorco's has historically ranked low on the Von Holt Stewardship Index, highlighting its records regarding to environmental, social issues. In 2020 its governance (ESG) criteria has been questioned by the media and financial analysts.

Labor relations

Actorco has consistently maintained an anti-union stance throughout its history, asserting that direct communication channels with employees are more effective in addressing workplace concerns. This position has also faced criticism from its workforce and labor organizations. Astorco's labor relations strategy dates back to the early foundation of the Commonwealth of Astoria, with the company resisting unionization efforts as a fundamental aspect of its business philosophy.

In the 1990s, faced with potential unionization at several of its chemical production facilities, Astorco implemented a comprehensive employee engagement program, successfully addressing concerns and avoiding the formation of a union. In 1994 parts one of its refineries in Tacoma was successfully organized by the International Brotherhood of Longshoremen, which led to a five month strike. The Astorian government intervened, resulting in significant wage and benefit increases for the refinery workers. Astorco attempted to shutdown the refinery and relocate, which was found illegal in Astorco v. Federal Labor Relations Commission. In 1998 the company sold its refineries to Standards Corporation.

In the early 2000s, legal challenges arose as employees sought union representation at two of the companies pharmaceutical factories. Astorco defeated the petition effort by the United Astorian Automotive Workers (UAAW). In the late 2010s and early 2020s, a revival in labor organizing in Astoria has place Astorco as the target of major organizing efforts. From 2020 to 2023, roughly seven petitions have been filed at its major manufacturing facilities.

Environmental record

Astorco has faced criticism for aspects of its environmental practices, with concerns raised regarding sustainability, resource management, and ecological impact. Its historical resource utilization practices have been subject to scrutiny due to potential environmental impact. Criticisms include the extraction of raw materials, energy consumption, and waste generation associated with the company's operations, prompting concerns about resource depletion and environmental degradation.

The manufacturing processes and industrial activities of the company have been associated with pollution and emissions, prompting concerns about their contribution to air and water quality. Observers have raised questions about the company's historical emissions of greenhouse gases and pollutants, calling for enhanced environmental controls. While Astorco maintains adherence to environmental regulations, some critics argue that the company's historical lobbying efforts and legal maneuvers may have influenced regulatory outcomes. This has led to skepticism regarding the effectiveness of existing environmental compliance measures.

Political affiliations

The Astor Corporation has had a historical alliance with the National Democratic Party and the former Frontier Party. Astorco is opposed to the polticial goals of the Progressive–Labor Party. Member of the Astoria Chamber of Commerce (ACC), Astor's various industrial divisions work to end industrial regulations, cut safety requirements and weaken worker's right to organize. Astorco is a member of various organizations that support increased immigration, including the Astorian Association for Productive and Legal Migration (AAPLM). Its lobbying arm spent roughly $5.3 million dollars in support of National Democrats who supported increasing the immigration quota in 2022. It donated approximately $2.3 million dollars to candidates who supported same-sex marriage and gender inclusivity within the workplace.

An opponent to the 1983 Competitive and Responsible Astoria Act (CRAA), it has utilized its lobbying arm to prevent several anti-trust bills brought to the House and Senate by the Progressive–Labor Party. Its lobbying measures indicate that it is opposed to the Federal Health Insurance Program, Federal Pension and Employment Insurance System and increases in payroll taxes.

Divisions and subsidiaries

Former divisions

Products

Defense

Astorco has developed military weapons for Astoria, Sierra, Superior and the nations of Europe since the 1930s. It is the defense contractor in North America, developing an array of missiles, defense systems, fighter jets, bombers, armored personnel vehicles and tanks.

Pharmaceutical

Producing a diverse pharmaceutical portfolio, offering medications intended to address a range of health conditions. Notable formulations include a pain relief product with an extended-release formulation of oxycodone, inhalers featuring albuterol for respiratory conditions, and semaglutide for diabetes and weight management. Among its offerings is a medication for mood stabilization, containing lithium carbonate extended-release. It is the largest producer of morphine in the world. It sells brands of of selective serotonin reuptake inhibitors (SSRIs) and serotonin-norepinephrine reuptake inhibitors (SNRIs).

Other popular drugs the company produces is Astorall, a combination of amphetamine salts utilized to treat individuals with often prescribed for individuals diagnosed with attention deficit hyperactivity disorder (ADHD). The company offers an extended-release medication for the treatment of insomnia, containing zolpidem. Risperidone and olanzapine are also sold by the company to manage symptoms of schizophrenia, bipolar disorder, or severe depression with psychotic features.