Aircraft leasing company International Lease Finance Corp. on Wednesday said it would buy aviation parts seller AeroTurbine Inc. for $228 million.

ILFC in Century City is a unit of New York insurer American International Group Inc. It is buying AeroTurbine of Miami from Aercap Holdings NV, a Dutch competitor.

The deal will enable ILFC, which has a fleet of about 1,000 planes, to recycle parts from its aging jets and resell them for the best terms, the company said.

“The acquisition of AeroTurbine offers a new compelling strategic solution to maximize value across the complete life cycle of an aircraft,” Chief Executive Officer Henri Courpron said in a statement.