LONDON, Dec. 18 (UPI) — Airplane salvage companies, which operate much like junk yards for cars, are having a banner year in Britain and elsewhere, an international trade group said.
Sky News, a British news service, said airlines are rushing to recycle equipment as funds are scarce in an industry hit hard by the recession.
“The industry is in turmoil and airlines are struggling to manage their costs,” said International Bureau of Aviation President Phil Seymour.
A used jet engine can be worth as much as $4.8 million and times are tough. “If you are an airline trying to cut costs do you really want to be buying new parts from Boeing?” Seymour asked.
Air Salvage International, a British firm that has salvaged 25 planes this year, had “our best year in the 15 years we’ve been operating,” said managing director Mark Gregory
About 80 percent of a salvaged airplane can be re-sold. Breaking one down can take as long as two months, Sky News said.
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