UTStarcom (UTSI), a global leader in the manufacture, integration and support of IP-based, end-to-end networking and telecommunications solutions announced it reached an agreement with Zhongnan Group to sell its R&D facility in Hangzhou, China for $140 million, or $132 million after taxes.

The company, which has been trying to trim costs, started shopping around the facility back in June, and had said in its most recent quarterly filing that the plant had a carrying value of $160.5 million, though whether the company actually thought it would get that much is another matter.

UTStarcom's customers include the largest and most respected service providers in emerging and established telecommunications markets worldwide.

The company's strategic focus is on three core markets: Internet Protocol TV (IPTV), Next Generation Networks (NGN) and Broadband. UTStarcom developed the industry's first and only end-to-end IPTV solution and is the leading IPTV provider in Asia today.

Deep IP experience, an entrepreneurial culture and a global heritage make UTStarcom uniquely qualified to deliver next generation solutions in existing markets and in the world's fastest-growing economies.

By Dan