Multiple WordPress Blogs on one host, using 1 WordPress installation, using multiple templates

Hay, I was wondering if this is possible. I have a company called dotty. The domain for this company is dotty.com. However, my company has many subcompanies (company_1, company_2). Is it possible using WordPress to manage all these subcompanies within one WordPress installation? Each company needs to have it’s own template, and the URL’s will end up something like this

dotty.com
dotty.com/company_1
dotty.com/company_2

and i can manage them all from

dotty.com/wp-admin

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