Motorola has filed an initial Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC), marking progress toward its previously announced separation of its Mobile Devices and Home businesses, which will operate as Motorola Mobility. Motorola also announced it will change its name from Motorola, Inc. to Motorola Solutions, Inc. in connection with the separation. Motorola Solutions will consist of the Enterprise Mobility Solutions and Networks businesses.
“The filing of the Form 10 Registration Statement is an important achievement in our separation plan to create two independent, publicly traded companies,” said Sanjay Jha, co-CEO of Motorola, in a statement.
Motorola intends to effect the separation in the first quarter of 2011. Completion of the separation is subject to a number of customary conditions, including, among others, final approval by Motorola’s Board of Directors, Motorola’s receipt of an IRS ruling or opinion of counsel to the effect that the distribution will qualify as a transaction that is generally tax-free for U.S. federal income tax purposes, as well as effectiveness of the Form 10 Registration Statement filed with the SEC. No assurance can be given that the separation will be consummated.