This paper investigates an integrated strategy of inventory control and preventive maintenance for a randomly failing production unit subject to a minimum required availability level. The production unit is submitted to a maintenance action as soon as it reaches a certain age m or at failure, whichever occurs first. A buffer stock h is built up at time A from the start of a production cycle in order to allow a continuous supply of the subsequent production unit at a constant rate during repair and preventive maintenance actions whose respective durations are random. A mathematical model and a numerical procedure are developed to find simultaneously the optimal values of the three decision variables (m*, h*, A*) which minimize the total average cost per time unit and satisfy the availability constraint.