Some 250 workers at IBM’s Global Asset Recovery operation will soon have a new employer.

Solectron Corp., which is based in Milpitas, CA and already has one production facility in the Triangle, has reached an agreement to acquire the IBM facility. Terms were not disclosed. The deal is expected to close in February.

As part of the deal, IBM said it had signed a three-year services contract with Solectron for $120 million.

“We made this transaction in order to strengthen our existing asset-recovery services, which are an important part of our post-manufacturing services offering,” said Robert Kula, a spokesperson for Solectron. “This agreement also allows us to further expand our long-time relationship with IBM. We currently provide new product introduction, test, printed circuit board assembly, full systems assembly and integration and repair services to IBM.”

Kula said the 250 employees at the facility would be offered positions with Solectron.

IBM uses the facility for servicing PCs, laptops, monitors, servers, printers, point-of-sale equipment and storage products.

Solectron plans to incorporate what it calls asset recovery, including de-manufacturing, remanufacturing, refurbishment, recycling and disposal services.

“We are excited about adding the 250 highly skilled workers — to our workforce and leveraging their asset-recovery expertise for other customers,” Kula said. “The Raleigh location also allows us to enhance our existing footprint for customers needing these services in North America.”

The deal was the second outsourcing agreement announced by IBM on Tuesday. Big Blue will pay Sanmina-SCI of San Jose, CA to manufacture its xSeries servers and IntelliStation workstations in a deal worth $3.6 billion over three years. IBM also contracted with the same company to produce its NetVista desktops in 2002.

Two analysts told CNET that the larger deal would help IBM cut costs and also focus resources on design development rather than manufacturing.

IBM stock rallied Tuesday to $86, an increase of $2.41 cents.

Solectron stock (NYSE: SLR) closed up 36 cents to $4.35.