Motorola Mobility Holdings Inc. on January 4 announced that it has completed its previously announced spin-off from Motorola Inc. and its shares will begin trading this morning on the New York Stock Exchange (NYSE) under the ticker symbol “MMI”.
Motorola Mobility is comprised of two industry-leading global technology businesses. The Mobile Devices business is an innovative provider of smartphone devices designed to fit every lifestyle. In 2010, the Mobile Devices business launched 23 smartphones globally, including the highly successful family of DROID by Motorola devices as well as BRAVO, DEFY, FLIPSIDE, MILESTONE and others. The Home business is one of the largest providers of digital set-top boxes and end-to-end video solutions. Motorola Mobility will leverage the capabilities of both the Mobile Devices and Home businesses to deliver innovative smartphones, tablets, set-tops and other converged devices – as well as content delivery and management, and interactive cloud-based services to consumers in the home and on the go.
“We are pleased that Motorola Mobility has reached this important milestone. After more than two years of planning, today we begin operating as a financially strong, independent company trading on the New York Stock Exchange,” said Sanjay Jha, chairman and CEO of Motorola Mobility. “We are well-positioned to build on the strong momentum we have in smartphones and end-to-end video solutions –and to take advantage of opportunities resulting from the convergence of media, mobility, computing and the Internet.”
“With more than 20,000 employees globally, 24,500 patents granted and pending, and a highly recognizable brand, we are able to deliver cutting-edge devices with differentiated software experiences. In addition, we will continue to work aggressively to capitalize on the next generation of converged devices and experiences to provide consumers with more intuitive and personalized services,” Jha added.
As chairman, Jha serves on the Motorola Mobility Board of Directors with Jon E. Barfield, William R. Hambrecht, Keith A. Meister, Thomas J. Meredith, Daniel A. Ninivaggi, James R. Stengel, Anthony J. Vinciquerra and Andrew J. Viterbi.
Jha and members of the Motorola Mobility management team rang The Opening Bell at the NYSE on January 4 in honor of the initiation of trading of Motorola Mobility shares.
Motorola, Inc. stockholders of record as of the close of business on December 21, 2010, the record date for the distribution, received one share of Motorola Mobility common stock for every eight shares of Motorola Inc. common stock they held.
