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SHANGHAI-UTStarcom Inc. has completed the sale of the company’s approximately 2.58-million-square-foot manufacturing plant, R&D centers, and administrative offices as well as other assets related to the property located in Hangzhou to the Hangzhou-based Zhongnan Group of Cos. The total value of the transaction reached approximately $140 million.

“We are very pleased to deliver on our commitment to monetize our underutilized facility in Hangzhou, China,” says Peter Blackmore, chief executive officer and president of UTStarcom, in a prepared statement. “With this significant infusion of cash, UTStarcom has strengthened its debt free balance sheet and is in a stronger competitive position.”

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