November 30, 2010 / 9:52 PM / 7 years ago

Motorola plans January 4 separation

NEW YORK (Reuters) - Shareholders will get one share of Motorola Mobility for every eight Motorola Inc shares they hold when the company splits in two on January 4 in a tax-free transaction, Motorola Inc said on Tuesday.

Motorola Mobility stock, which represents Motorola’s cellphone and television set-top box business, will trade under the ticker symbol MMI on the New York Stock Exchange.

The remaining company, which is changing its name to Motorola Solutions, will comprise Motorola’s public safety and enterprise business.

Motorola said stockholders of record at the close of business on December 21 would receive Motorola Mobility shares.

Reporting by Sinead Carew

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