Motorola’s board of directors has approved the separation of Motorola Mobility Holdings from Motorola, Inc. through a tax-free dividend involving the distribution of all Motorola Mobility common stock held by Motorola to Motorola stockholders and has also approved a reverse stock split of shares of Motorola common stock following the distribution.

In a joint statement, Greg Brown, Motorola co-CEO and CEO of Motorola Solutions, and Sanjay Jha, Motorola co-CEO and CEO of Motorola Mobility, said: “Today’s announcement marks another important milestone toward the upcoming separation that is expected to benefit Motorola, its stockholders, as well as each company’s respective customers and employees. We look forward to taking advantage of the opportunities before us as we begin the new year as two independent, publicly traded companies.”

On Jan. 4, 2011, Motorola, Inc. will change its name to Motorola Solutions, Inc. and will begin trading on the New York Stock Exchange (NYSE) under the ticker symbol MSI, and Motorola Mobility Holdings, Inc. will begin trading on the NYSE under the ticker symbol MMI.

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Same Tune: Solicitor General Agrees SCOTUS Should Hear Cox-Sony Case

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