Plane recycling company gets new owner

WRIGHT

WRIGHT

By Dennis Seid

Daily Journal

Universal Asset Management has a familiar face at its helm.

Keri Wright, its long-time chief operating officer, was named president and CEO on Monday after the company announced she had acquired the Memphis-based company.

UAM, founded in 1993, disassembles retired jetliners and sells parts in Tupelo and also maintains a 453,000-square-foot warehouse in Verona. The company employs 75 people in Lee County.

The company also leases aircraft.

UAM Holdings Inc., a corporation owned and run by Wright, acquired Universal Asset Management Inc., as well as its wholly owned subsidiary, Universal Air Repair LLC.

Wright, who has overseen the day-to-day operations of UAM, will continue to do so. She was COO for seven years, and has been with the company for nine years.

Company founder and former CEO Steve Manley also announced his retirement.

“Keri has essentially been running the company for the past several years in her role as COO, and selling the company to her will allow UAM to continue to expand under her ownership,” Manley said.

Financial terms of the deal were not disclosed.

In a statement, UAM said the transaction will enable UAM “to build upon its customer focus, drive continued organic growth, and pursue aviation asset acquisition opportunities.”

Wright said the deal “will enable UAM to provide the level of service that our customers expect while expanding UAM’s global reach and diversifying the services we offer to the aviation industry.”

The company also maintains offices in Atlanta, Beijing, Indianapolis, Toronto, Malaysia, London, South Africa and the Middle East.

dennis.seid@journalinc.com