Message: Motorola to spin off cellphone business
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Hurry up Duane Morris ! Motorola to spin off cellphone business | |
| Bolaji Ojo |
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EE Times (03/26/2008 8:16 AM EDT) | |
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Motorola Inc.'s board of directors has approved a plan to spin off the wireless handset division into a publicly traded company only one day after one of its major shareholders pressed for additional information about the long-expected move. The company said it expects the transaction to be completed sometime in 2009 and that it is searching for a new chief executive for the business. Motorola president and CEO Greg Brown currently heads the mobile devices unit. "Our priorities have not changed with today's announcement," said Brown in a statement. "We remain committed to improving the performance of our mobile devices business by delivering compelling products that meet the needs of customers and consumers around the world." Motorola's remaining operation, mainly the broadband and mobility solutions businesses, would remain under the current management, according to the press statement. The spin off of the mobile devices division will be structured as a tax-free distribution to Motorola shareholders, the company said. |
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