Memphis aero repair firm sold

Aircraft Recycling International Ltd. has acquired the Memphis-based Universal Asset Management Inc., an aircraft recycling and repair firm. The new owner is a Hong Kong-based unit of China Aircraft Leasing Group Holdings Ltd. Christina Ng is chairman of UAM and said the Memphis company will continue to be led by CEO Keri Wright and President Shawn Kling. The transaction was announced March 20. The acquisition comes 3½ years after Wright bought UAM and its wholly owned subsidiary, Universal Air Repair LLC. Wright is a board member of the Memphis-Shelby County Airport Authority. UAM operates aircraft disassembly and parts distribution facilities in Tupelo and Verona, Miss., and has global sales offices in London and Singapore. (Source: Commercial Appeal 03/20/17)