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Motorola to Launch Semiconductor Company
Oct 2003
SCHAUMBURG, Ill., Oct. 6 -- Motorola announced today it will separate its Semiconductor Products Sector (SPS) into a publicly traded company, in keeping with its focus on communications and integrated electronic systems. Details of the transaction have not been finalized.

Motorola said it is considering an initial public offering of a portion of SPS, followed by a distribution of remaining shares to shareholders in a tax-free manner, subject to Motorola board approval, favorable market conditions, regulatory approvals and other customary conditions.

With its own publicly traded equity, SPS will have the opportunity to pursue acquisitions of strategic product lines and technology using semiconductor equity valuations instead of the "blended equity valuation" of Motorola, the company said.

Chairman and Chief Executive Officer Christopher Galvin said, "Over the past several months, we have carefully weighed the best way to optimize the long-term potential of Motorola’s semiconductor business with the leverage we would gain by concentrating our resources on our communications products and integrated electronic systems businesses. After completing our four-month-long technology and strategic reviews in August, I recommended to the board of directors in September that Motorola focus its future on retaining and augmenting all five Motorola sectors that compose our communications products and integrated electronic systems businesses and that our 'asset light' semiconductor business could prosper as a separate entity. Our board of directors has given its full support to this recommendation."

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