Motorola Inc. outlined its plans on Thursday to separate into two publicly traded entities by early next year, with the company’s well-known name going to both entities.
The plans were detailed in a filing with the Securities and Exchange Commission. The mobile device and cable set-top box businesses will operate under the name Motorola Mobility once the separation is complete, while the enterprise and networks businesses will become Motorola Solutions Inc.
Motorola (MOT 6.52, +0.01, +0.12%) hopes to have the deal complete by the end of the first quarter of 2011.
“Upon separation, both businesses will be well capitalized and poised for stand-alone success,” Motorola Chairman David Dorman said in a separate written statement issued by the company.
Motorola first floated the idea of separating the businesses last year. The company has been working on reviving its mobile device business, which has suffered significant market share losses in recent years as smart phones have become the main driver of growth in the cell phone business.