Mattell founder Elliott Handler dead at 95

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LOS ANGELES, July 24 (UPI) -- Elliot Handler, a co-founder of the Mattel toy company, died of heart failure in Los Angeles at the age of 95, his family announced.

Handler's daughter, Barbara Segal, said a funeral would be held Tuesday for her father, who named her after the Barbie doll and is credited with inventing the venerable Hot Wheels.

Handler and wife, Ruth, founded Mattel in Los Angeles in 1945 with their friend Harold "Matt" Matson. The name Mattel was a combination of the names Matt and Elliott, the Los Angeles Times said Sunday.

Mattel started out as a picture-frame manufacturer but branched off into dollhouse furniture. The Handlers bought out Matson and moved into toys full time with the aid of advertising on the fledgling medium of television.

Handler was noted for his informality at the office. He insisted on being addressed by his first name, which the Times says was unprecedented for the time.

"He was so motivating to people, particularly in our design center where we create toys," said Chief Executive Officer Bob Eckert. "He was the creative juice for the company and really our inspiration."